Bitcoin is trading at €17,765 during the Asian session on December 14, as investors seem to be pricing in the weaker-than-expected US CPI figures. Similarly, Ethereum broke above the €1,300 mark as the weakening US dollar increased demand for cryptocurrency.
Major cryptocurrencies were trading in the green at the beginning of December 14, with the value of the global crypto market rising 2,52% to $870 billion the day before. In the last 790 hours, the total volume of the crypto market increased by 24% to $52,60 billion.
Total DeFi volume is currently at $2940 billion, representing 5,49% of the total 24-hour volume in the crypto market. Global volume across all stablecoins is now $53.260 billion, representing 99,53% of the total 24-hour volume of the crypto market.
Let's take a look at the top 24-hour altcoin gainers and losers.
Current expectations of the FOMC and the Fed in the United States
At the end of its two-day policy meeting on Wednesday, the Federal Reserve is expected to raise interest rates by a half point, signaling a less aggressive approach from the central bank as evidence emerges that inflation could diminish. That's still nothing, especially compared to the quarter-point hikes announced at the last four Fed meetings.
Still, it's a steep increase that will hit the savings of millions of American businesses and households by making it more expensive to borrow for things like houses, vehicles and other necessities than it otherwise would be. .
The Fed's expected move would raise the rate at which banks charge each other for overnight loans to between 4,25 and 4,5%, the highest level seen since 2007.
When the Federal Reserve releases its economic outlook in its Summary of Economic Projections on Wednesday, investors will be paying close attention. And they'll listen to Powell's press conferences to get an idea of what to expect, even if they may be disappointed.
Impact on the cryptocurrency market
With the 0,50% rate increase, we could see a drop in the cryptocurrency market, but it will likely be temporary and prices will return to where they were before. With most of the 0,50% rate hike already priced in, the market is unlikely to show significant price moves unless the Fed surprises with a 0,75% or 0,25 rate hike .XNUMX%.
The current price of Bitcoin is €17,755 and the 24-hour trading volume is €26 billion. The BTC/USD pair has gained almost 3,5% in the last 24 hours, while CoinMarketCap currently holds the top spot with a live market capitalization of €341 billion.