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Bitcoin trades above $64,000 ahead of the Fed rate decision

CME data shows about 70% of traders expect the Fed to hold at 3.50% to 3.75%, while roughly 30% price in a quarter-point hike.

Reported · Written up by our desk · Market Structure

Bitcoin was trading above $64,000 in Asian hours on Wednesday, rising about 1% on the day ahead of the Federal Reserve’s rate decision scheduled for 2 p.m. ET, according to CoinDesk data.

In the same session, Ether added about 1.7% to $1,909, while XRP led among major cryptocurrencies with a gain of roughly 2.6%.

CME data cited by CoinDesk indicated the base case is a hold, with about 70% of traders expecting the Fed to keep its policy rate in the 3.50% to 3.75% range for a sixth straight meeting.

However, CoinDesk also reported that about 30% of traders were pricing a quarter-point hike, a scenario flagged by Citadel Securities and UBS as plausible, tied to concerns about inflation-fighting credibility and the potential for the move to be unsurprising.

Latest closeBitcoin $64,345.32 ▲0.7%|XRP $1.087 ▲1.7%

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