The crypto market entered a quick price correction period ahead of the upcoming FOMC meeting slated for later on Wednesday. Bitcoin on Wednesday reflected a price drop of under two percent. At the time of writing, the oldest and most expensive crypto asset was trading at $72,833.
In conversation with Coin Headlines, market analysts said that if the Fed Chair Jerome Powell maintains a dovish stance on the market sentiment, BTC price could touch $76,000.
“With markets pricing in a 99 percent pause in rates, attention has shifted to the Fed’s forward guidance. A more cautious stance from Powell, driven by inflation risks linked to oil prices and ongoing US–Iran tensions, may push BTC toward the $68,000 support. While steady ETF inflows continue to provide underlying support, traders are likely to remain cautious until the market fully absorbs the Fed’s outlook,” said Akshat Siddhant, Lead quant analyst, Mudrex.
Ether followed Bitcoin on the lost-side of the crypto price charts. At press time, ETH was trading at $2,261, having registered a price drop of 2.72 percent in the last 24 hours.
“Ethereum is holding firm and approaching a potential structural shift versus Bitcoin, which could later support broader altcoin participation. Overall, the market is consolidating within an uptrend, with macro triggers, ETF flows, and technical breakouts likely to determine the next directional move,” Riya Sehgal, the research analyst at Delta exchange told Coin Headlines.
A majority of altcoins reflected losses on Wednesday. These include XRP, BNB, Solana, Tron, Dogecoin, as well as Hyperliquid — all of which showed dips within the range of 0.50 percent to four percent.
Cardano, Bitcoin Cash, Chainlink, Monero, Canton, and Stellar also registered losses on Wednesday after having clocked small gains for the last two days.
“The key near-term driver is the Federal Reserve’s policy decision, which will set the tone for global liquidity and risk assets,” Sehgal added. “Overall, the market is consolidating within an uptrend, with macro triggers, ETF flows, and technical breakouts likely to determine the next directional move.”
The overall crypto market cap fell by nearly two percent in the last 24 hours. The valuation of the market has come to $2.49 trillion — down from its recently hit mark of $2.53 trillion, CoinMarketCap showed.
Over 102,600 traders were liquidated in the last 24 hours with total liquidations hitting $275.92 million, as per data by CoinGlass.