#crypto DOGE, XRP Down 3% as Bitcoin Traders Eye Wednesday Fed Decision

Analysts from QCP Capital suggest that while a rate cut is unlikely, any dovish signal could ignite upside momentum for bitcoin, potentially lifting altcoins in its wake.

What to know:

The crypto market was little-changed-to-lower on Tuesday, with major tokens like dogecoin and XRP posting relatively small losses.

Bitcoin traders are looking the Federal Open Market Committee (FOMC) meeting on Wednesday, which could influence the crypto market depending on the interest-rate decision.

Analysts suggest that a dovish signal from the Fed could ignite upward momentum for bitcoin and potentially lift altcoins.

The crypto market was little changed-to-lower on Tuesday, with dogecoin (DOGE) and XRP leading declines among major tokens with losses of just over 3% in the past 24 hours. The CoinDesk 20 Index (CD20), a measure of the broader crypto market, fell 2%.

The lack of volatility comes as bitcoin (BTC) traders largely brace for the Federal Open Market Committee (FOMC) meeting scheduled for Wednesday, which could set the tone for monetary policy and influence risk assets including cryptocurrencies.