Bitcoin remained stable on Wednesday as investors awaited the Federal Reserve’s decision on interest rates. The largest cryptocurrency, trading at $29,189, saw minimal movement in the last 24 hours. Despite initial excitement over the possibility of an exchange-traded fund directly linked to Bitcoin, any gains made were relinquished leading up to the Fed’s decision.
Accumulation Period for BTC and ETH
In a research note by Matteo Greco, an analyst at Fineqia International, it was suggested that despite short-term investor caution, BTC and ETH metrics indicate a period of accumulation. Many investors are purchasing digital assets like Bitcoin and Ether with a long-term holding strategy in mind.
Dogecoin Surges 1.7% Amid Elon Musk Speculation
Dogecoin experienced a 1.7% surge in trading value. The token reached its highest levels since May due to speculation surrounding Elon Musk’s potential plans to utilize the cryptocurrency in his efforts to expand the X social-media network, which is the new name for Twitter, into a financial platform.
Ether and Altcoins Experience Minor Declines
Ether, the second-largest cryptocurrency, saw a slight decline of 0.4% to $1,850. Similarly, smaller tokens known as altcoins also experienced downward movement, with Cardano decreasing by 1.3%.
