Bitcoin held steady on Tuesday ahead of the Federal Reserve’s interest rate decision, with markets expecting rates to remain unchanged. The cryptocurrency traded between $117,000 and $119,000 despite Strategy Inc.’s $2.52 billion Bitcoin purchase using proceeds from its preferred stock IPO.
Ethereum posted modest gains, boosted by Cathie Wood-led Ark Invest’s sizable investment in BitMine Immersion Technologies, which holds Ethereum as its primary reserve asset. Bitcoin’s market dominance slipped to 60.6% while Ethereum’s share climbed to 11.9%.
Crypto liquidations surged to $300 million over the past day, with $209 million in long positions wiped out. Open interest in Bitcoin dropped 1.45%, and most Binance derivatives traders continued betting on a price drop. The global crypto market cap rose 0.46% to $3.88 trillion.
U.S. stocks pulled back from record highs, with the Dow falling 204 points, the S&P 500 down 0.30%, and the Nasdaq off 0.38%. Traders are now focused on Wednesday’s Fed decision, with a 97% chance priced in for no change in rates.
Analyst The Crypto Monk said Bitcoin’s next move could push it to $130,000. Michaël van de Poppe sees Ethereum reaching $4,100 before consolidating.
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