Bitcoin Price Today: Dips to $82.4K Amid Cautious Market Sentiment Before Fed Meeting
Easy Trading Tips – Bitcoin’s price saw a decline on Tuesday following minor gains in the previous session, continuing a period of range-bound trading as investors remained cautious ahead of the U.S. Federal Reserve’s policy meeting scheduled to commence later in the day.
As of 02:32 ET (06:32 GMT), Bitcoin had slipped 1% to $82,415.50, reflecting ongoing market uncertainty.
Federal Reserve Decision and Tariff Concerns Keep Investors on Edge
Bitcoin has experienced subdued movement this month, with a 2% decline so far as traders seek clearer indications of a risk-on environment. Meanwhile, gold prices surged to another record high on Tuesday, reinforcing its status as a safe-haven asset.
Investors in the crypto market are exercising caution ahead of the Federal Reserve’s March 18-19 meeting, where interest rates are expected to remain unchanged. However, the Fed’s statements on President Donald Trump’s recent tariff decisions and their potential effects on inflation and economic growth will be scrutinized closely by market participants.
The central bank is likely to maintain its hawkish stance amid ongoing economic uncertainties. Elevated borrowing costs and a risk-averse market sentiment tend to deter investments in speculative assets like Bitcoin, leading to reduced demand. Additionally, expectations of lower inflation under a hawkish Fed lessen Bitcoin’s attractiveness as an inflation hedge, contributing to downward price pressure.
Canary Capital Pursues Sui-Based ETF Approval
In the latest development in crypto-backed ETFs, Canary Capital Group has submitted a regulatory filing seeking approval for an exchange-traded fund (ETF) that would track the spot price of Sui, the native token of the Sui Network.
This marks Canary Capital’s sixth cryptocurrency ETF application with the U.S. Securities and Exchange Commission (SEC), signaling growing confidence in potential regulatory approval under the current administration.
“The proposed ETF would provide institutional and retail investors direct exposure to SUI through a familiar product structure,” the Sui Foundation stated in a press release.
The SEC’s decision on these filings remains pending, with final approvals potentially contingent upon the confirmation of the new SEC chair.
Crypto Market Overview: Most Altcoins Decline Alongside Bitcoin
Altcoins mirrored Bitcoin’s decline on Tuesday, extending losses across the broader crypto market.
- Ethereum (ETH) remained largely unchanged, trading at $1,895.36.
- XRP fell 3.3% to $2.2528.
- Solana (SOL) dropped 3.4%, while Cardano (ADA) dipped 1.7% and Polygon (MATIC) declined 2.8%.
- Among meme-based tokens, Dogecoin (DOGE) was down 3.1%.
The current downturn in the crypto market underscores investor caution as key macroeconomic events unfold. With the Federal Reserve’s decision looming and regulatory developments gaining momentum, market participants are closely monitoring potential catalysts that could drive the next significant price movements in Bitcoin and other digital assets.