Crypto Market Sees Risk-Off Sentiment Ahead of US Fed Rate Decision
The crypto market is experiencing risk-off sentiment ahead of the US Federal Reserve's interest rate decision on Wednesday. Bitcoin (BTC) held steady above $63,000, while Bittensor (TAO) and Cardano (ADA) sustained gains from the previous day.
CoinMarketCap's Fear and Greed Index is at 35, indicating a bearish market sentiment, as investors anticipate a potential rate hike. Santiment data shows social volume of a rate hike reaching 171, while rate cuts or staying the same are down to 53 and 65, respectively.
The broader cryptocurrency market maintains its risk-off stance due to rising fears of a US Fed rate hike. This has led to subdued momentum in Bitcoin's price, with it holding below the 50-day Exponential Moving Average (EMA) at roughly $64,950 and well under the 200-day EMA near $74,211.