Bitcoin surpasses $117,000 ahead of Fed’s rate decision

Bitcoin currency

Most cryptocurrency prices rose during Wednesday's trading, as markets awaited the outcome of the Federal Reserve's monetary policy meeting in the US.

Bitcoin added 0.5% to $117,270.94 at 11:40 AM Makkah time, accounting for approximately 57.5% of the total cryptocurrency market value.

Ethereum, the second-largest cryptocurrency by market capitalization, advanced 1.3% to $4,543.10. Meanwhile, Ripple fell 0.35% to $3.0381.

The global cryptocurrency market capitalization stands at $4.06 trillion, with total trading volume over the past 24 hours reaching $150.56 billion, according to CoinMarketCap data.

The Fed's policymakers are scheduled to announce their decision later today, with expectations of a 25 basis point (bps) interest rate cut.