Major cryptocurrencies traded mixed on Tuesday evening as investors awaited the Federal Reserve’s upcoming rate decision scheduled for Wednesday.
What Happened: The two-day policy meeting of the U.S. Federal Reserve commenced on Tuesday, and the outcome is expected on Wednesday, January 31. Although it is predicted that the Fed will maintain unchanged rates at this time, there are strong expectations that the US central bank will convey indications about its intentions to begin reducing rates.
The consensus among most experts now is that the US Federal Reserve is likely to initiate rate cuts starting in May or June. This anticipation considers the robust US job market and inflation, which continues to exceed the Fed’s 2 per cent target.
Bitcoin ETFs saw a robust kickoff to the week, with net inflows into the funds surging back above $1 billion, as reported by JPMorgan. According to analyst Kenneth Worthington’s note to clients on Tuesday, the Bitcoin ETFs offered by BlackRock and Fidelity experienced significant inflows on Monday and are continuing to lead the market.
"Monday marked the best flow day in over a week as the newly launched ETFs have struggled to counteract Grayscale's outflowing GBTC in recent days. Net flows were supported by BlackRock's IBIT and Fidelity's FBTC sales reaccelerating near their ...