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Cryptocurrency market awaits US opening

Bitcoin rose 1.15% to $36,660 on Monday, January 24. Buyers miraculously managed to hold the $33,000 level as stock indices tanked after the opening. After a rebound, it was easier for them to regain control of the situation. After sinking to its intraday low, the S&P 500 rebounded 4.4%, and BTCUSD recovered to $37,550.

Investors were concerned that tensions on the border of Russia and Ukraine could lead to a military clash. After new lows were set, buyers piled into cheaper tech stocks.

S&P 500 index futures traded slightly in the red (-0.9%) on Tuesday, January 25. Equity benchmarks have not reverted to a correction, and cryptocurrencies have not extended gains. The rebound in BTCUSD from a low of $32,917 was due to high volumes. All eyes are now on the FOMC meeting. Heightened volatility across all markets can be expected at 19:30 GMT on Wednesday during Fed Chair Powell’s speech.

Before the meeting, buyers got the chance to retrace to $35,600 as part of the correction. To reach the targets mentioned above, market participants will have to wait and see how the fixed income market reacts. Note that three rate hikes have been priced in this year. After the Fed meeting, traders could start to sell the dollar and buy back cheaper stocks and cryptocurrencies.

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