Cryptocurrencies rally ahead of the Federal Reserve’s policy announcement, with markets pricing a potential surprise rate hike.
Bitcoin climbed above $64,000 in early Asian trading, rising 1% as investors awaited the Federal Reserve’s rate decision later Wednesday. Ether gained 1.7% to $1,909, while XRP led major tokens with a 2.6% increase, per market data.
Traders largely expect the Fed to hold rates steady at 3.50%-3.75% for a sixth consecutive meeting, with 70% pricing no change. However, 30% now anticipate a quarter-point hike, supported by firms like Citadel Securities and UBS, which cited inflation concerns.
The Fed’s decision is set for 2 p.m. ET, with markets closely monitoring signals on future policy moves.