Bitcoin prices rise ahead of Fed meeting

Bitcoin prices rise ahead of an expected US rate cut

Cryptocurrency prices rose during Tuesday's trading, as markets awaited the start of the Federal Reserve's two-day meeting to discuss monetary policy decisions in the US.

Bitcoin rose 0.3% to $115,645.98 at 11:40 a.m. Makkah time, accounting for approximately 57.4% of the total cryptocurrency market value.

Ethereum, the second-largest cryptocurrency by market capitalization, advanced 0.35% to $4,509.30, while Ripple added more than 1% to $3.0301.

The global cryptocurrency market capitalization stands at $4 trillion, with total trading volume reaching $150.17 billion over the past 24 hours, according to CoinMarketCap data.

US monetary policymakers are scheduled to meet later today, with expectations of a 25 basis point (bps) interest rate cut.