Markets weigh the chances of a surprise Fed rate hike - In less than 24 hours, the Fed will announce its interest rate decision. While the consensus forecast is for rates to remain unchanged, a number of market participants are expecting a surprise hike.
Canada seeks stable trade relations with the United States - Canada is working to strengthen its stable trade relationship with the United States,
Bitcoin edged higher on Wednesday, holding above $64,000 as investors held off on big bets ahead of the U.S. Federal Reserve's monetary policy decision.
The cryptocurrency showed resilience despite renewed selling in AI-related tech stocks.
The world's largest cryptocurrency was last trading 1.8% higher at $64,220.5 by 4:25 PM ET.
Bitcoin had slipped below $63,000 in the previous session, following the global stock market rout triggered by AI stocks.
Fed Decision Looms; Rate Hike Chance Remains Small
The Federal Reserve's monetary policy decision, due later Wednesday, remained a key event for investors, with uncertainty about the outcome restraining trading activity.
According to CME FedWatch data, markets continued to price in a roughly 68% chance that the central bank would leave interest rates unchanged, assigning a roughly 32% chance of a 25 basis point hike.
A more hawkish outcome than expected could weigh on cryptocurrencies and other risk-sensitive assets, while a dovish signal could strengthen demand for digital assets.
Bitcoin has increasingly traded in line with broader risk assets over the past year, but its losses were more muted than those seen in semiconductor and AI stocks this week as investors reassessed the sector's stretched valuations.
Bitcoin held relatively firm even as Asian stock markets came under renewed pressure, with South Korea's KOSPI falling more than 12% as a fresh sell-off in AI-related chip makers intensified.
SK Hynix shares fell as much as 20% after the memory chip maker reported record quarterly profits, which nevertheless failed to meet lofty investor expectations.
Institutional demand remained mixed. U.S. Bitcoin spot ETFs overall recorded modest net inflows in July, despite several sessions of outflows in recent days.
Beyond the Fed, investors are also watching a busy week of earnings reports from major U.S. tech companies, including Microsoft and Meta Platforms, for more information on AI spending trends and overall market sentiment.
Cryptocurrency Prices Today: Most Altcoins Rise
Most altcoins rose in range-bound trading on Wednesday.
The world's number two cryptocurrency, Ethereum, rose 1.5% to $1,901.92.
The world's number three cryptocurrency, XRP, rose 2.3% to $1.0754.
Solana rose 1.1%, while Cardano jumped about 5%.
Among meme tokens, Dogecoin rose 1.3%.