Bitcoin (BTC) is trading in the $78,000 range. Caution has persisted ahead of the U.S. Federal Reserve's interest rate decision, but the cryptocurrency market has shown stronger momentum than U.S. technology stocks.
As of 8:02 a.m. on the 15th, bitcoin was up 2.32% from the previous day at $78,581.41, according to CoinMarketCap, a global cryptocurrency market data site. Ethereum (ETH) rose 2.37% to $2,537.10, and BNB gained 0.98% to $723.46. XRP jumped 7.41% to $1.441.
Domestic prices were mixed. At the same time on Bithumb, bitcoin was down 0.58% from the previous day at 105.984 million won. Ether rose 0.53% to 3.416 million won, and XRP gained 1.84% to 1,936 won.
The cryptocurrency market also diverged from U.S. technology stocks. The Standard & Poor's 500 index fell 0.48% and the tech-heavy Nasdaq Composite dropped 0.56%. CoinDesk, a cryptocurrency news outlet, said the crypto market sidestepped the selloff in tech stocks even without any clear catalyst of its own.
Expectations of progress on U.S. cryptocurrency regulation also supported sentiment. The U.S. Senate is set to move ahead with a procedural vote on the CLARITY Act on the 15th. On the prediction market Polymarket, the odds of the bill being enacted into law this year have climbed to about 30% from 12% early this month. Passing a cloture vote in the Senate requires 60 votes, however, and further steps remain, including amendments to the bill and coordination with the House.
Market attention is turning to the Federal Open Market Committee meeting on the 16th. In a Reuters survey of 101 economists conducted after the release of inflation data on the 11th, 86 respondents, or 85%, expected the Fed to raise its benchmark rate by 0.25 percentage point at the meeting. The Summary of Economic Projections and the dot plot will be released after the rate decision, followed by a press conference by Fed Chair Kevin Warsh. U.S. retail sales and import price data for August are also due the same day.
The Fear and Greed Index compiled by crypto data provider Alternative.me fell 4 points from the previous day to 57, keeping it in "greed" territory. A reading closer to zero indicates weaker investor sentiment, while a reading closer to 100 signals an overheating market.
