Crypto market in red before federal reserve meeting on Interest Rate, Bitcoin Price more than usd 1,02,700

The crypto market was declined on Wednesday before the Federal Reserve meeting over the change in interest rates in the US. The largest cryptocurrency bitcoin’s price in terms of market value declined by about 0.10 percent to about $ 1,02,740. Market Analysts say that the Federal Open Market Committee (FOMC) meeting is less likely to reduce the interest rate. This can increase volatility in the crypto market.

The second largest cryptocurrency Ether had a decline of more than 1.70 percent. On publishing this report, the price of the Ether on the International Crypto Exchange Binance was trading at $ 3,144. The large resistance for Ether is at $ 3,500. Other declining cryptocurrency included Solana, XRP, Cardano and Polkadot. In the last one day, Crypto’s market capitalization declined by more than one percent to about 3.48 million million dollars. Regulatory framework will be prepared for cryptocurrency in the US. During his election campaign, Trump indicated that Bitcoin’s reserve and a policy in favor of Crypto. However, the Federal Reserve disagreed over this plan to create a reserve of bitcoin. Recently, Bitcoin created a high level of over $ 1,09,200.

This market declined due to no mention of crypto in the first address after Trump became President earlier this month. The US Securities and Exchange Commission (SEC) has stated that a task force has been formed with the objective of creating a regulatory framework for cryptocurrency. The previous US government took action against many firms associated with Crypto by alleging violation of rules. These firms included coinbase and kraken. However, these firms had misunderstood the allegations of violation of rules. Institutional investors have increased interest in this segment.

In the last few weeks, software maker Microstrategy has bought a large number of bitcoin. Russian companies are using bitcoins in business from abroad. The Russian government had allowed the use of cryptocurrency to change the law by changing the law and dealing with the restrictions of Western countries. Russian President Vladimir Putin said that the current US government is reducing its role by using the US dollar for political purposes.