Top Crypto Gainers Today on Uniswap –
Blue chip cryptocurrencies have been choppy on Wednesday, with the US Federal Reserve just issuing its latest monetary policy decision, in which it decided to leave interest rates unchanged at 5.25-5.5% whilst leaving the door open to further interest rates hikes, should they be required.
Bitcoin (BTC) was briefly able to break back to the north of the $35,000 level earlier in the session but was last trading within recent intra-day ranges just above $34,500.
Ether (ETH), meanwhile, has chopped within a $50 range either side of $1,800, also within recent ranges, though bulls will take solace from the fact that the cryptocurrency has been able to hold above its 200DMA at $1,780.
Cryptocurrency markets now await comments from Fed Chairman Jerome Powell for more insight into the outlook for interest rates in the US.
Macro investors are betting interest rates will stay high for some time, with the US economy still trucking along nicely, making the Fed’s task in bringing US inflation sustainable back to its 2.0% target more difficult.
That’s why US yields, despite dipping on Wednesday due to weak US manufacturing PMI survey data, remain fairly close to multi-decade peaks.
It also partially explains why stocks have been pulling lower in recent weeks, though concerns about the geopolitical outlook are also a factor.
Despite these macro trends that would typically have been thought to be bearish for crypto, blue-chip cryptocurrencies have been performing well in recent weeks, thanks to optimism about crypto-specific narratives, mainly surrounding adoption and the arrival of a new bull market.
For example, Bitcoin was a market leader bouncing over 28.5% in October thanks to institutional adoption optimism amid growing hopes that spot
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