Market trades flat ahead of Fed's interest rate decision

Business•February 1, 2023, 10:10AM EST
UPDATED: February 1, 2023, 11:12AM EST
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Market trades flat ahead of Fed's interest rate decision

Quick Take

  • Bitcoin was trading around $23,100, down about 0.1%. Ether also dropped slightly, falling 0.1% to $1,580.
  • Altcoins traded flat across the board, while Solana down 2.8%.
  • Crypto stocks traded flat, with Silvergate trading up 1.26% and Block down 0.6%
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Crypto prices remained mostly flat after the market opened on Wednesday, as traders await the Federal Reserve’s interest rate decision and comments from the subsequent press conference this afternoon.

Bitcoin fell 0.1% to $23,136 around 9:50 a.m. EST, according to TradingView data.

BTCUSD chart by TradingView

Ether also declined 0.1% to around $1,588. BNB declined 0.8%, while Cardano's ADA rose 1.2%. Polygon's MATIC was down 1.5% in the past 24 hours after rising yesterday.

Dog-themed meme coins declined slightly, with Dogecoin and Shiba Inu down 1.8% and 1%, respectively. 

Crypto stocks

Silvergate shares rose 1.8% to around $14 by 9:50 a.m., according to Nasdaq data, rising alongside most other crypto stocks.

Jack Dorsey's Block declined 0.1% to trade around $81, while MicroStrategy declined 0.1%. Coinbase was also down, falling by 0.1%.

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