Bitcoin and other primary crypto tokens made slight increases ahead of the outcome of the US Federal Reserve meeting, but crypto traders remained pessimistic about future price movement.
Traders were also on edge due to fears that Bitcoin could go below the $20,000 threshold. If the global macroeconomic environment does not improve, the weakness is expected to endure.
Except for the dollar-pegged USD Coin and Tron, most crypto tokens were up on Wednesday. Solana increased by up to 6%, while Ethereum increased by 5%. BNB was also 3% higher.
Expert Opinion
Most markets were negative before the US Federal Reserve’s rate hike decision. According to Dashan Bathija, CEO and co-founder of Vauld, “many market participants now expect a 75 basis point raise and will likely be listening intently to how the Fed plans to move forward.”
“Data from Glassnode also reveals that exchange inflow has grown over the last two days; again, this implies fearful market sentiment since most investors are selling and departing the markets,” he continued.
According to a filing, Coinbase Global is laying off about 1,100 employees as part of a cost-cutting strategy. Coinbase announced in May that it would scale back its hiring goals but then announced that it would cancel new job offers, as reported by the economic times.
Data shows that crypto-tracked futures have lost almost $1 billion in the last 24 hours, dragged down by a lack of confidence in bitcoin and other cryptocurrencies amid a bleak global economic outlook.
According to Morgan Stanley, the largest altcoin, ether (ETH), lags behind bitcoin (BTC), much as it did during the crypto market collapse in 2018.
According to data from FTX, the CEL token of the ailing crypto loan platform Celsius soared eightfold to an intraday high of $2.57 from 30 cents.
