Bitcoin sets ATH above $108,000 before correcting, altcoins and U.S. stocks fall
⭐️Bitcoin continues to hit new highs above the $108,000 mark as traders look ahead to today's important Federal Reserve rate decision.
⭐️U.S. stock index futures were little changed Tuesday night as traders looked ahead to the Federal Reserve's December rate decision.
⭐️Futures contracts tied to the Dow Jones Industrial Average rose 57 points, or 0.1%. The S&P 500 rose less than 0.1%, and the Nasdaq 100 fell slightly by nearly 0.1%.
⭐️The Dow fell 267.58 points, or 0.61%, during the regular trading session, extending a 9-day chain of losses, the longest losing streak since 1978. The S&P 500 fell 0.39%, and the Nasdaq Composite fell 0.32%.
⭐️These losses came ahead of the Federal Open Market Committee (FOMC) policy decision, which is scheduled to be announced in the early hours of Thursday morning (Vietnam time).
⭐️According to CME's FedWatch tool, there is a 95% chance that the central bank will drop by 0.25 percentage points.
⭐️Investors will also be watching the summary of economic projections from Fed policymakers and the press conference of Fed Chairman Powell for clues on what might happen in the coming months. The central bank is not expected to drop further next year, especially with the inflation Dai in place.
⭐️In turn, hawkish comments from the Fed could lead to a sell-off in the stock market. But Mayfield added that volatility around Fed meetings usually doesn't last long.
⭐️In addition, according to K33 Research, the assets under management (AUM) of US spot Bitcoin ETFs officially surpassed gold ETFs on December 16, marking an important milestone as institutional investors increasingly focus on gold cryptocurrencies.
⭐️But since then, Bitcoin has faced strong profit-taking pressure, and the price has now fallen back to around the $105,000 mark.
⭐️The altcoin market fell yesterday.
⭐️Ethereum (ETH) fell more than 2%. After several attempts, the auntie failed to push the price above $4,000. Since then, the second-largest asset by market value has lost momentum and fell back below the $3,900 mark. It is currently trading around $3,870.
