Bitcoin Price and Ethereum Prediction – Big Day, Eyes on the US FOMC & Fed Rate Decision
On November 02, the Bitcoin price is choppy, maintaining a narrow trading range of $20,300 to $20,800 ahead of the US FOMC and Fed Rate decision. Similarly, Ethereum has increased by less than 0.50% to $1,590, indicating investor indecision ahead of major news.
The worldwide crypto market cap gained over 0.88% to $1.01 trillion the previous day, putting major cryptocurrencies in the green today. Over the last 24 hours, overall crypto market volume climbed over 22% to $87 billion.
The overall volume in DeFi was $4.01 billion, accounting for 4.57% of the total 24-hour volume in the crypto market. Overall, the market is risk-off ahead of the United States Federal Reserve's monetary policy and rate decision later today during the New York session.
Toncoin (TON), Chiliz (CHZ), and Theta Network (THETA) were the top performers in the last 24 hours. TON price has increased by more than 9% to $1.65, while CHZ price is up by nearly 5% to $0.22. At the same time, SHIB has gained more than 4% to trade at $1.23.
Terra Classic (LUNC) has dropped more than 4% to $0.00023 in the last 24 hours. Casper (CSPR) is down over 4% to around $0.039, and ApeCoin (APE) is down about 4% to $4.50.
Today's market focus is on the FOMC and Fed interest rate decision, which will be released during the US session. The market expects the Federal Reserve to raise interest rates by 75 basis points (bp). It would be significant if the hawks' focus on core inflation momentum implies a fifth 75bp hike in December.
The Federal Open Market Committee (FOMC) is expected to adopt a fourth consecutive 75bp rate hike despite two consecutive quarters of declining GDP, the economy has returned to growth, and job creation is accelerating, with job vacancies currently
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