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Bitcoin gains over $1,500 as market awaits FOMC decision

Bitcoin gains over $1,500 as market awaits FOMC decision

Web Desk
Jan 29, 2025

WASHINGTON: Bitcoin entered Wednesday’s trading session on a positive note, maintaining its position above the previous closing level of $101,348.40 throughout the day, as of 08:46 UTC. The cryptocurrency saw its first significant increase at 00:26 UTC, jumping $192 to reach $101,540.

At around 01:10 UTC, Bitcoin surged by $553 to $101,901.40, but it soon faced a sharp decline, dropping to $101,509.40 at 01:36 UTC. At this point, it seemed that Bitcoin might fall further, possibly dipping below the $101,000 mark.

However, the cryptocurrency reversed its losses, surpassing the $102,000 level. By 02:06 UTC, Bitcoin gained $760.40, reaching $102,108.80.

After this rise, Bitcoin continued its upward momentum and did not fall into negative territory again. At 08:10 UTC, it hit a new daily high of $102,917.40, a $1,569 increase from Tuesday’s close.

Other cryptocurrencies were also seeing gains. Ether (ETH) was up by 2.30 per cent to $3,148, Litecoin (LTC) rose by 3.59 per cent to $114.10, Dogecoin (DOGE) increased by 3.71 per cent to $0.3307, and Cardano (ADA) climbed by 2.35 per cent to $0.9381.

It’s worth noting that Bitcoin reached an all-time high of $109,071.86 on January 20, largely driven by a weakened US dollar and investor interest ahead of Donald Trump’s inauguration as US president. Bitcoin’s current price in Pakistani currency stands at Rs28,581,089.07 (PKR 28.5 million).

After briefly dropping below $100,000, Bitcoin closed Tuesday’s daily candle at $102,000. Over the past 24 hours, the cryptocurrency has consolidated above the six-figure range as the market braces for the upcoming Federal Open Market Committee (FOMC) meeting.

According to CME’s FedWatch tool, there is a 99.5 per cent chance that the Fed will keep interest rates unchanged at 4.25 per cent to 4.50 per cent.

Minutes from the FOMC’s December 2024 meeting suggest the Fed will take a more cautious approach in 2025, with future rate cuts dependent on signs of economic weakness and lower inflation.