Crypto Market Today, Oct. 28: Bitcoin and Altcoins Gain as Fed Decision Clears the Way for Big Tech Earnings
Bitcoin extended its recovery above $81,000 as the Fed held interest rates steady, with investors now turning their attention to major Big Tech earnings that could shape the market's next move.
On October 28, Bitcoin, Ethereum, and Solana all rose, with Bitcoin up 0.69% to $81,220.35, Ethereum up 0.79% to $2,363.24, and Solana up 1.43% to $102.60. Despite a week of economic news, the Federal Reserve kept interest rates steady at 3.75% to 4%, but warned that inflation remains high. Investors will now focus on corporate earnings from tech giants like Alphabet, Microsoft, and ServiceNow.
Positive earnings could deepen the recent market gains, while disappointing results might dampen sentiment. Spot crypto ETFs like IBIT, FBTC, and ETHA have also been trading well. The next test will be whether these gains translate into more investor interest, as seen through rising ETF inflows. With the Fed's decision out of the way, corporate earnings will be key in determining the health of the broader economy.
Amazon and Intel report Thursday, followed by Alphabet and Microsoft. Major cryptocurrencies are still above their summer lows, but the recovery is not yet robust enough to dispel concerns about a possible sell-off if earnings or inflation worries surface.
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