Bitcoin ( BTC-USD ) and ethereum ( ETH-USD ) are seeing further relief in a move that reflects trader's widened risk appetite in the cryptocurrency market ahead of next week's Federal Reserve meeting.
The world's largest digital token by market cap is jumping 7.7% to $24.03K as of shortly before 10:00 a.m. ET, and ether ( ETH-USD ) is rising 3.8% to $1.61K over the past 24 hours. Some other major cryptos leading the relief rally include dogecoin ( DOGE-USD ) +8.6% , cardano ( ADA-USD ) +5.3% and shiba inu ( SHIB-USD ) +7.3% .
Traders will be eyeing the Fed's interest rate decision on July 27. According to the CME FedWatch Tool, markets are pricing in a 66.8% probability of a 75 basis point rate hike, which would be a softer move than a week prior when markets saw an 80.3% chance that the Fed will lift its target range by 100 bps.
“The market needs a little more assurance for deceleration in the pace of rate hike by the Fed,” crypto lender Nexo CEO Antoni Trenchev told CNBC . “Nevertheless, a short-term outlook for bitcoin is bullish and it could go as high as around $29k this week,” he added.
Crypto-related stocks are also climbing in early morning trading: Stronghold Digital Mining ( SDIG ) +26.2% , Galaxy Digital ( OTCPK:BRPHF ) +14.1% , Coinbase Global ( COIN ) +5% , Silvergate Capital ( SI ) +8.3% , Bakkt ( BKKT ) +6% , Marathon Digital ( MARA ) +6% .and MicroStrategy ( MSTR ) +6.2% .
Earlier this week, (July 19) Strike CEO Jack Mallers said bitcoin's cyclical slump hasn't changed the token's fundamentals .
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Bitcoin, ether keep grinding higher as Federal Reserve meeting nears