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 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 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.