Asia Bidding, Key BTC Level at $28.1k

Major equity indices are trending lower today, while interest rates are on the rise, with the US 10-Year seemingly poised to hit a new YTD high. The DXY started the day strong but has since plateaued, currently sitting flat. In the commodities market, gold, which BTC 7.33%  has directionally tracked quite well this year, is also up. In the crypto market, Bitcoin experienced a morning rally, surging back up to nearly $27.5k and lifting the broader market along with it. We discuss some interesting details surrounding this price action below. Meanwhile, ETH 11.55%  is currently hovering around the $1,650 mark. One of today’s big winners is GMX, the decentralized perps exchange, which is up nearly 5%. All eyes are on the upcoming FOMC meeting scheduled for today and tomorrow, where a pause in interest rate hikes is expected to be announced during tomorrow’s press conference.