Bitcoin trades near $66,000 ahead of US Fed meeting outcome

economictimes.indiatimes.com:

cryptocurrency markets traded lower on Wednesday, with Bitcoin and Ethereum leading the decline.

At 1:48 pm IST, Bitcoin (BTC) was trading 1.3% lower at $66,088, while Ethereum fell nearly 1.11% to $3,313. Meanwhile, the global cryptocurrency market cap dropped by 0.71% to around $2.39 trillion in the last 24 hours.

Central banks are the focal point for investors on this action-packed Wednesday, with the Federal Reserve's decision anticipated later in the day. While markets expect the U.S. central bank to maintain current rates, a 25 basis point cut in September is fully priced in, with roughly 68 basis points of easing expected for the year.

Vikram Subburaj, CEO of Giottus, commented, «Bitcoin is consolidating above $66,000 as markets await interest rate updates from the US FOMC. Analysts predict volatility around the announcement, but the support level at $64,000 is likely to hold.»

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Meanwhile, Edul Patel, CEO of Mudrex, noted, «Bitcoin continues to trade below $67,000, pressured by the US Government's sale of Silk Road-linked Bitcoin. A