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FOMC Meeting Impact on Crypto Markets
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
Bitcoin is facing potential selling pressure ahead of the Federal Reserve’s October 28 interest-rate decision, as on-chain data points to profit-taking by large holders. According to Ali Charts, Bitcoin whales have realized around $156 million in profits, while their holdings declined by approximately 8,162 BTC in the past 24 hours, worth about $664 million. Bitcoin rose 1.36% from roughly $80,628 to $81,721 on October 28. Markets largely expect the Fed to hold rates steady, but uncertainty over a possible December rate hike could trigger volatility. Heavy selling may put Bitcoin under pressure after the announcement.
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