Bitcoin price today: BTC rises above $96,000 ahead of FOMC meeting

Bitcoin prices rose on Wednesday as markets await the upcoming FOMC meeting, which could influence the outlook for risk assets, including cryptocurrencies.

Bitcoin's price moved up by over two percent in the last 24 hours. On international exchanges, the most expensive cryptocurrency is trading at $96,490. Meanwhile, on Indian exchanges, the asset price grew by 2.33 percent bringing it to trade at $94,875 on Wednesday, May 7.

"While a rate cut remains unlikely, any move toward quantitative easing could inject fresh liquidity into the market, further supporting risk assets like crypto. If BTC breaks the resistance at $97,900, a decisive move above the $100,000 mark is possible, with support standing at $93,700," said Alankar Saxena, Co-founder and CTO of Mudrex.

Ether followed Bitcoin to reflect small gains on Wednesday. ETH rose by 1.55 percent to trade at $1,830 on international exchanges. On Indian exchanges, ETH is retailing at $1,820 having clocked a gain of under two percent.

"Ethereum is also holding above $1,800, reflecting renewed strength in altcoins. Meanwhile, geopolitical tensions between India and Pakistan, including 'Operation Sindoor', have introduced short-term volatility, which may impact prices. Long-term effects will depend on the resolution of the conflict," said Himanshu Maradiya, Founder and Chairman, CIFDAQ Group.

The crypto price tracker by Gadgets 360 showed altcoins trading sideways amid the ongoing volatility.

Among the major gainers on Wednesday were Ripple, Chainlink, Avalanche, Stellar, Leo, and Shiba Inu.

Monero, Cronos, Cosmos, Iota, Binance USD, and Cartesi also logged small profits.

The overall crypto market cap rose by 1.50 percent in the last 24 hours to claim the valuation of $2.98 trillion.

"The US is expected to sign deals with various nations, including India, China, the UK, and a few more, which is expected to ease the traditional as well as the crypto markets. The UK has ruled out forming a national Bitcoin reserve as it feels it is not appropriate for their market. Besides, Binance founder CZ predicts the BTC price could top between $500,000 and $1 million this cycle," the CoinDCX research team told Gadgets 360.

Binance Coin, Solana, Dogecoin, Cardano, Tron, Polkadot, and Uniswap settled in losses on Wednesday.

Near Protocol, Polygon, EOS Coin, and Dash also tumbled in their respective prices.

"Overall market sentiment remains neutral, and the altcoin season index suggests that investor interest in altcoins remains subdued," Piyush Walke, Derivatives Research Analyst, Delta Exchange told Gadgets 360. Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.