Bitcoin Holds Near $64,000 Ahead of Federal Reserve Decision
Investing.com reported that Bitcoin edged higher on Wednesday, last trading 1% higher at $64,075.5 as of 01:56 ET (05:56 GMT), keeping the cryptocurrency close to the $64,000 threshold while market participants awaited the U.S. Federal Reserve’s policy decision later that day.
The CME FedWatch tool indicated that markets were pricing roughly a 68% probability that the Fed would leave interest rates unchanged and about a 32% probability of a 25‑basis‑point rate increase. Analysts noted that a hawkish outcome could pressure risk‑sensitive assets such as cryptocurrencies, whereas a dovish signal might boost demand for digital assets.
Bitcoin’s performance remained relatively resilient despite a broader sell‑off in AI‑linked technology stocks. The cryptocurrency’s decline was modest compared with the sharper losses seen in semiconductor and artificial‑intelligence shares during the same week. Asian equity markets also faced pressure, with South Korea’s KOSPI sliding more than 12%, and SK Hynix shares tumbling up to 20% after the memory‑chip maker posted record quarterly earnings that fell short of elevated investor expectations.
Institutional demand for Bitcoin showed mixed signals. U.S. spot Bitcoin exchange‑traded funds recorded modest net inflows for July, even though they had experienced several days of outflows in the preceding sessions.
Beyond the Fed, investors were monitoring a busy earnings week for major U.S. technology firms, including Microsoft and Meta Platforms, to gauge AI‑related spending trends and overall market sentiment.
Altcoin Activity
Most altcoins traded in a range‑bound manner with notable gains:
- Ethereum rose 1.5% to $1,912.92.
- XRP climbed 2.6% to $1.0858.
- Solana edged up 0.6%.
- Cardano jumped 4.5%.
- Dogecoin, a meme token, ticked up 0.3%.
These movements occurred as the broader crypto market displayed relative stability despite the AI‑linked tech weakness affecting equity markets.