Federal Reserve Decision Looms Large Over Cryptocurrency Prices

Cryptocurrency prices are largely stable ahead of the Federal Reserve's interest rate decision on Wednesday.

The price of Bitcoin (BTC) has stabilized above a key technical level, trading around $64,400 at the time of writing. However, this recovery remains fragile due to persistent outflows from BTC spot Exchange Traded Funds and renewed geopolitical tensions.

Zcash (ZEC) is struggling with on-chain weakness and mounting selling pressure, which could lead to further losses for the privacy coin. Its retail demand has declined, and network usage has fallen, with Open Interest down 6% in 24 hours.

The Federal Reserve's decision may play a crucial role in shaping the next directional move for Bitcoin. The US central bank is expected to provide insight into its policy stance on interest rates, which could impact investor sentiment and market trends.