Bitcoin Holds Near $63,000 as Investors Await Fed Meeting
Bitcoin traded near $63,000 on Tuesday as investors awaited the outcome of the US Federal Reserve's policy meeting. The world's largest cryptocurrency was trading at $63,458.
The global crypto market capitalisation edged down 2.7% to $2.17 trillion, according to CoinMarketCap. Over the past 24 hours, Bitcoin fell 2.93%, while Ethereum declined 4.31% to $1,884.
Nischal Shetty, founder of WazirX, said that institutional conviction remains fragile, citing over $465 million in spot Bitcoin ETF outflows at the end of last week. He added that holding the current support range could encourage buyers to step in and support a short-term recovery.
Avinash Shekhar, Co-Founder & CEO of Pi42, said that volatility is likely to persist in the near term but long-term fundamentals remain intact as institutional adoption continues to strengthen.