While the crypto market was moving upward until October, it continued its rise on November 1. However, some investors and market experts are preparing for volatility in the digital assets space ahead of the FOMC decision.

The Fed is expected to announce its decision to increase the policy rate while considering the current economic situation. Cooling but still high inflation weighed on market sentiment throughout the year. It also wiped out significant gains in global financial markets, let alone the crypto market.

Will the Fed Announce More Interest Rate Increases?

Although the market expects a dovish statement from Fed officials, any further move could trigger sales in the market. Specifically, the market predicts that there is a 97.2% chance that the Fed will keep policy rates in the current range of 5.25% to 5.50%, while the chance of another 25 basis point increase is just 2.8%, according to the CME Fedwatch Tool. With this in mind, many analysts believe that the Fed will maintain current interest rates at its November meeting.

In light of rising bond yields, falling inflation and growing geopolitical concerns, this decision will mark the second consecutive meeting in which the Fed has chosen not to raise interest rates. Notably, the US 10-year bond yield was up 0.55% at 4.904 as of this writing. Investors' focus will especially be on the Federal Open Market Committee's statement and Fed Chairman Jerome Powell's comments at the end of the meeting. These statements will give an idea about the possibility of an interest rate increase in December, the last meeting of the year.

As the U.S. economy continues to show strength, Fed officials have emphasized the need for an economic slowdown to curb inflation and bring it into line with the central bank's 2% annual target. The economy remains robust despite a 5.25 percentage point increase in the federal funds rate since March 2022. Although inflation has cooled somewhat in recent months, it is becoming difficult to approach the 2% target. US GDP grew by 4.9% in the third quarter, driven by strong consumer spending. This underlines its durability. These latest economic indicators show that the Federal Reserve is unlikely to cut interest rates in the near future.

How Is The Crypto Market Going?

As evident from the recent market performance, the market appears to be preparing for volatile trading in the crypto assets space. In particular, although the market saw gains in the early session today, it drifted downwards during the article. The global crypto market value decreased by 0.50% to $1.27 trillion, while one-day trading volume decreased by 4.68% to $37.85 billion. Especially the fact that the fear and greed index remains at 72 shows that there is an upward trend among investors.

Bitcoin is down 0.31% to $34,410.76 at the time of writing, with trading volume down 18.09% to $13.92bn. On the other hand, Ethereum dropped by 0.62% to $1,798.11 at the time of writing. XRP price decreased by 0.81% to $0.5997 after reaching $0.6123 in the last 24 hours. Cardano price also traded at $0.2872, with a significant loss of 4.43%. However, Solana price showed resistance and traded at $38.99, up 6.54% from yesterday.


As a result, given the current market sentiment, it is anticipated that the Fed will keep policy rates at a 22-year high to keep inflation under control.#BitcoinDunyamiz

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