FOMC Meeting To Intensify Bank Crisis? Bitcoin To Face Hard Time Too?

Crypto News: The global trading markets await day two of the US Federal Open Market Committee (FOMC) policy meeting, after which the Central bank will announce its interest rates amid the erupting banking crisis. However, the digital asset market is trading in greens ahead of the key event.

Bank Crisis To Continue?

Last week US financial institutions rushed to ease the market turmoil, this week banks and investors await the Federal Reserves meeting. The traders stand divided and confused about whether the U.S. central bank will press the halt button over its hiking cycles in order to ensure financial stability.

However, the Federal agency has been inculpated for triggering one of the biggest banking sector meltdowns in history. It has been compared with the 2008 financial crisis too. The aftermath of the recent events reflects, the mega collapse of banks triggered by the Silicon Valley Bank crash. While UBS agreed to rescue Credit Suisse in a $3.25 billion deal. Read More Crypto News Here…

Also Read: Crypto firms Turn to Swiss Banks After Silvergate and Signature Fall

US Dollar Index

As per the data, the dollar dropped to its five week low on Wednesday. This comes just before the key U.S. Federal Reserve Policy meeting. This indicates that the investors are waiting for clarity here while seeking guidance from the Central bank.

Reports depict that the U.S. Dollar Index was recorded to stand at 103.119 which was just above the five week low of 102.99. The markets are expecting that there is a 15% chance of the Fed agency might not increase the rates. While there is an 85% chance of seeing a hike of 25 basis points amid the turmoil. Meanwhile, the market was expecting a hike of 50 basis point hike, a month earlier.

Also Read: Crypto Industry Counterattacks White House’s Anti-Crypto Economic Report

Crypto Market Trades In Green

The global crypto market is trading in green ahead of the crucial FOMC meeting. The cumulative market cap registered a surge of over 3% over the past day to stand at $1.18 trillion.

Bitcoin price is up by 2% in the last 24 hour to trade at $28,201. While XRP emerged as the biggest gainer ahead of the FOMC meeting. XRP is up by 22% over the past day.

Also Read: XRP Gains 12% While Top Crypto Bleeds; Whales Reacts To Court Filings?