Bitcoin is creeping higher ahead of a critical moment for markets. The cryptocurrency rose 1.2% to $83,290 on Wednesday as traders anxiously awaited the Federal Reserve’s policy announcement. The market expects the central bank to hold interest rates steady, but all eyes are on Chair Jerome Powell’s next words. One hint of policy easing could send cryptos surging.
Powell’s Words Could Make or Break Crypto Momentum
The market is almost certain the Fed won’t change rates, according to the CME FedWatch tool. But it’s not about what they do—it’s about what Powell says. If he acknowledges slowing consumer spending or a weakening job market, traders could interpret it as a sign that rate cuts are on the table later this year. That would be a green light for investors to shift into riskier assets like Bitcoin.
Ethereum and XRP Surge Alongside Bitcoin
Bitcoin isn’t the only one getting a lift. Ethereum gained 1.5%, while XRP (XRP-USD) climbed 1.7%. Solana also saw a 1.6% boost. If Powell sounds even slightly dovish, the crypto market could see an even bigger surge.
As Powell prepares to take the stage, investors should watch crypto price movements closely. His remarks could shift market sentiment in an instant. Track real-time updates on the TipRanks Cryptocurrency Center—click the image below to stay ahead.
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