Bitcoin Halts at $41,000 as Traders Eye Fed Rate Decision; AVAX Invests in Dogecoin as Altcoins Jump
Investors will closely monitor Federal Reserve Chair Jerome Powell's Wednesday news conference for signs of potential rate cuts next year.
Bitcoin held steady around $41,000 after Monday's dramatic rise.
The halt in BTC momentum caused many altcoins to jump, with DOT, ATOM, INJ, and TIA among the biggest gainers.
Market watchers widely anticipate that the Federal Reserve will pause rate hikes at Wednesday's FOMC meeting.
Bitcoin [BTC] price stabilized around $41,000 on Tuesday ahead of this year's final US interest rate decision, scheduled for Wednesday, as cryptocurrency traders digested the significant leverage increase. yesterday and the biggest daily drop since mid-August.
The largest crypto asset recovered to $42,000 early in the day from yesterday's low of $40,200 before falling to $40,600 in the afternoon hours in the U.S. After paring some losses, BTC was changing hands at $41,300, a slight increase of 0.3% in the last 24 hours.
Ether [ETH], the second largest cryptocurrency, fell 1% during the same period, below $2,200.
While momentum for the top two cryptocurrencies slowed, many altcoins advanced during the day.
Native tokens Polkadot [DOT], Cosmos [ATOM], and Injective [INJ] were among the top performing cryptocurrencies, gaining between 10% and 20% in the last 24 hours.
Avalanche [AVAX] surpassed the market capitalization of the popular dog-themed meme token dogecoin [DOGE], gaining almost 5% on the day and more than doubling its price in a month.
