Bitcoin and Ethereum’s ether are rising this Monday, continuing their gains from the previous week.
The focus is on the U.S. Federal Open Market Committee’s (FOMC) decision this Wednesday. Many expect U.S. interest rates to stay at 5.25% to 5.5%.
At 10 a.m. local time, Bitcoin trades at $27,396, up 3%. Ether also rises, showing a 2.1% gain at $1,666. Data from CoinGecko confirms this.
The total value of all cryptocurrencies globally stands at $1.12 trillion. In Brazilian real, Bitcoin increases 2.56% to R$ 133,807.
Ether goes up 1.46% to R$ 8,133, according to MB.
Analyst Thiago Rigo says investors are already focusing on the Federal Reserve. He notes they don’t expect August’s U.S. inflation rise to affect the FOMC decision.
After the decision, he suggests listening to Jerome Powell, Federal Reserve Chair.
André Franco, head of analysis at MB, highlights Joseph Lubin’s optimistic outlook. Lubin is Ethereum’s co-founder and now leads ConsenSys.
He thinks the U.S. will value decentralized protocols. This differs from the SEC’s more restrictive view on cryptocurrencies.
Background
This market behavior comes after a volatile period for cryptocurrencies. Bitcoin and Ethereum had faced significant losses.
Yet, they seem to be on a recovery path now. The FOMC decision could greatly impact these digital assets.
If interest rates remain stable, the crypto market could benefit.
Investor sentiment seems to align with Thiago Rigo’s view. Many feel that inflation won’t sway the FOMC’s decision this time.
Jerome Powell’s stance on keeping rates high could offer market stability.
André Franco’s comments hint at a larger debate. Regulatory views on crypto differ widely. A buoyant U.S. stance could boost global confidence in cryptocurrencies.
Joseph Lubin’s optimism adds another layer. It suggests that industry leaders see a bright future for digital currencies.
The next few days could be crucial in shaping market trends.