The cryptocurrency market is experiencing a positive correction as the focus shifts to the release of the minutes of the US Federal Reserve (Fed) meeting today.
Bitcoin is trading around $24,000 in trading this morning, compared to the past 24 hours, with no significant change, according to Coingecko data.
Levels above $25,000 are difficult resistances to break and sustain. Bitcoin price slipped below $24,000 late today before regaining this level this morning.
Most of the altcoins in the top 10 are bullish in the past 24 hours. Ether is trading around $1,600, up 2.9%. Binance’s BNB is up 1.9%, Cardano’s ADA is up 1.8%, and Polygon’s MATIC is up 3.5%.
The crypto market is reacting positively as the minutes of the latest Fed meeting are released, which makes sense given recent inflation and employment data.
“Investors will focus on dissecting the Fed’s minutes, looking for any additional details behind the Fed’s agreement to raise 25 basis points at the last FOMC meeting,” GSR said. written in a market report.
In the newly published minutes of the meeting on January 31 – February 1 of Fed said there are signs that inflation has cooled but still not enough for the agency to slow down the rate hike.
The Fed said it needs more evidence to confirm that inflation is on a sustainable downward trend. At present, they are still concerned about high inflation.
Among FOMC members, some voted to raise interest rates by 0.25% to better control the situation, others said that it should increase by 0.5%.
See also: Bitcoin whale count drops to lowest level since 2019
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