The crypto market saw a slight downturn on Wednesday as global markets anticipated an interest rate cut from the Federal Reserve. Bitcoin and ether edged lower, with investors focused on the Fed’s decision and signals about the extent of future monetary policy easing.
Bitcoin was down 0.2% at $116,687.18, and ether declined 0.18% to $4,490.76. The crypto market’s movements came as the dollar remained on the defensive and shares saw a slight uptick. The euro surged to a four-year high against the dollar, while gold scaled new heights on the back of expectations for Fed easing.
The Fed is widely expected to cut its benchmark interest rate by a quarter of a percentage point. The main focus will be on Fed Chair Jerome Powell’s comments about the outlook for U.S. monetary policy.
