Bitcoin ($BTC) Trades Under $30K Ahead of Crucial Fed Rate Decision and Options Expiry Date

The crypto market experienced another day of subdued trading, with bitcoin (BTC) trading below $30,000.

Meanwhile, other major cryptocurrencies like Ether (ETH) remained relatively steady, while altcoins such as SOL and XRP showed signs of recovery after facing earlier losses.

Despite the overall market drudgery, MKR, the governance token of MakerDAO, managed to secure significant gains due to a token buyback program activation.

However, not all tokens fared well, as CNC plummeted by 75% following a significant exploit in the Conic Finance decentralized finance protocol.

As investors anticipate a possible Federal Reserve interest rate increase and bitcoin options expiry next week, market sentiment remains cautious.

Bitcoin, the leading digital asset by market capitalization, briefly flirted with higher levels before retreating below $30,000.

As the market struggles to find momentum, BTC was recently trading at $29,904, reflecting a modest 0.3% increase.

Ether ($ETH), the second-largest cryptocurrency, experienced little volatility during the day, hovering around its weekly low below $1,900. On a brighter note, altcoins like SOL and XRP showed signs of recovery, regaining some of their earlier losses.