Bitcoin Rises as Stocks Retreat Ahead of Fed Meeting

Bitcoin advanced while stocks moved lower as markets prepared for the Federal Reserve’s two-day policy meeting, which begins tomorrow, according to CoinDesk. The U.S. 10-year Treasury yield also climbed to 5%, adding to the focus on interest-rate conditions across financial markets. Nearly all market participants now expect the U.S. central bank to raise its benchmark policy rate by 25 basis points at the meeting. The combination of higher Treasury yields, weaker equities and a firmer Bitcoin market sets the backdrop for trading in BTC and other risk-sensitive assets ahead of the Fed’s decision. CoinDesk’s report did not provide additional details on the expected timing or path of future rate moves.