Less than 24 hours before the U.S. Federal Reserve likely resumes its hawkish, monetary path, popular bitcoin was plodding along just above its freshly established $29,000 support.
Musk has taken a special interest in DOGE with his various pronouncements even before he acquired Twitter, driving the token's price. “Elon clearly has an affinity for DOGE, almost as part of a running joke, but I wouldn’t be surprised if he actually went through with enabling payments via DOGE,” Brian D. Evans, CEO and founder of BDE Ventures, a Web3 venture studio and advisory firm, told CoinDesk.
Earlier this month, BTC's price traveled as high as $31,800 after a partial victory by Ripple Labs in an ongoing legal feud with the Securities and Exchange Commission and amid renewed hopefulness for a long-elusive spot bitcoin ETF. But BTC momentum has waned more recently. The U.S. central bank's likely decision to raise the interest rate 25 basis points seems unlikely to stir crypto markets that have been unmoved by recent months' encouraging macroeconomic events.
Acheson continued:"It’s not clear what will change this situation. There are more potential tailwinds than headwinds at the moment, but new investors appear to lack conviction that the time is right to step in now. When this changes, though, it will change fast."
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