05:23
Bitcoin and mainstream altcoins fell ahead of the Fed meeting, and the market focused on interest rate cut expectations
Bitcoin retreated to near $92,500 in early Asian trading on Wednesday after breaking above $94,000, as the market continued to remain cautious ahead of the Federal Reserve's key meeting. As investors focus on the latest policy statement and the tone of Jerome Powell's year-end press conference, the overall cryptocurrency sentiment cools in the short term.
Mainstream altcoins are showing a differentiated trend. Ethereum is up 7% in the last 24 hours and is currently trading around $3,320; Solana and Dogecoin are both up about 5%; Cardano was the strongest performer, with an 8.5% increase on the day. Despite this, these tokens generally retreated 1%-2% in early Asian trading, hinting at profit-taking after an overnight rally. XRP is up slightly by 2% but is still down 4% this week, with BNB, USDC, and TRX largely flat. The market depth for small-cap tokens remains weak, reflecting the ongoing liquidity imbalance since December.