Tomorrow, the Fed will announce its planned interest rate hikes or cuts for next year. Meanwhile, BTC, the biggest player in the crypto market, has dropped 1.39% in the last 24 hours. The daily chart shows a bearish trend. This meeting follows a series of interest rate hikes of 75 basis points. Tomorrow, the Fed is expected to moderate these increases and hopefully, this December meeting will bring some good news to the market. This is due to a statement made by the U.S. Federal Reserve chair earlier this year with a promise that rates would be cut in December.

If it is on the level of 50 basis points or less, this will mean a small or medium rally in the market. If it's more than that, rates will drop even more again. The value of the top cryptocurrency Bitcoin is at $16,945.24 according to the latest data. Since its peak which occurred in November 2021, Bitcoin has fallen 75% and so has Ethereum, which has fallen 74% of its value.

The last two weeks have not been very favorable for the development of Bitcoin prices, as they have had a rather downward direction. Tomorrow's meeting will be an important moment for the value of bitcoin, so it is important to keep a close eye on the Fed's announcement and its impact on the market condition.

Sources:

https://coinedition.com/u-s-fed-meeting-tomorrow-how-will-the-crypto-market-react/ 

https://www.investing.com/news/cryptocurrency-news/us-fed-meeting-tomorrow-how-will-the-crypto-market-react-2961920 

https://cryptobite.io/bitcoin-price-slides-as-markets-brace-for-fed-policy-decision-and-inflation-data/