Cryptocurrency Markets Trade Flat as Investors Digest Fed Decision

Cryptocurrency markets traded relatively flat on Wednesday as investors digested the Federal Reserve's policy decision and renewed Middle East hostilities. The global cryptocurrency market capitalization stood at $2.18 trillion, following a modest dip of 0.28% over the last 24 hours.

Bitcoin (BTC) traded in a narrow $63,000, $64,000 band on heavy volume, while Ethereum hovered around $1,900 in a similarly tight range. XRP and Dogecoin also moved sideways.

Nearly $400 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bullish long positions, according to Coinglass data. Bitcoin's open interest rose 1.52% over the last 24 hours, but retail and whale derivatives traders on Binance remained net bullish on the leading asset.

Ali Martinez, a widely followed cryptocurrency analyst and trader, noted that whales were buying Bitcoin's dip. 'While Bitcoin retraces, large holders have accumulated 29,075 BTC over the past week, a sign they're positioning through the pullback,' he added.