Bitcoin Traders Await Fed Decision

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First Mover Americas: Bitcoin Traders Await Fed Decision
The latest price moves in crypto markets in context for June 14, 2023.
By Lyllah Ledesma
AccessTimeIconJun 14, 2023 at 5:50 p.m.
Updated Jun 14, 2023 at 8:04 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Bitcoin (BTC) traders are taking a defensive stance ahead of Wednesday's meeting of U.S. Federal Reserve’s Federal Open Market Commitee (FOMC) meeting, with most expecting a “hawkish” pause, i.e., the central bank leaving interest rates unchanged while keeping the door open for future increases. The Fed is set to announce its interest rate decision on Wednesday at 2 p.m. ET (18:00 UTC). Puts – or bearish bets – tied to bitcoin are trading pricier than bullish calls heading into the Fed meeting, according to options risk reversals data tracked by Singapore-based crypto trading giant QCP Capital. Traders often consider put bias as showing a nervous mood in the market. Bitcoin is little-changed over the past 24 hours at around $25,900. Top performers amongst digital assets on Wednesday were Binance’s BNB token, which gained 5%, and Chainlink (LINK) which was up almost 3% on the day.

The federal judge overseeing the U.S. Securities and Exchange Commission's (SEC) case against Binance and Binance.US declined to approve a temporary restraining order freezing the U.S. trading platform's assets. The decision allows Binance.US to continue doing business while hashing out restrictions with the regulator.