Stock Market Today: Dow Futures Rise Ahead of Fed's Rate Decision
The two largest cryptocurrencies were down on Wednesday as digital asset traders waited on the Federal Reserve.
Bitcoin, the largest token in terms of market capitalization, slipped 0.1% to $59,931, while Ether, the native coin of the Ethereum blockchain, was down 1.6% to $2,307.
Both have slumped over the past few months, although some crypto bulls are hopeful that the Fed cutting interest rates will spark a rebound. Investors are all but certain that the central bank is about to slash borrowing costs for the first time since the early days of the pandemic–and that could boost risk-on assets like cryptos, which are likely to start offering higher yields relative to bonds or savings accounts.