The U.S. central bank raised its benchmark interest rate to a range of 4.25%-4.5% on Wednesday. Officials now expect the current rate-hiking cycle to peak next year at a "terminal rate" above 5%.
Crypto traders were monitoring the U.S. government's monthly inflation report for signs of whether the Federal Reserve's monetary-policy tightening this year is helping to slow the pace of consumer price increases.
Analysts reporting to FactSet estimate the CPI will drop to 8%, but whether the decline is enough to encourage the Federal Reserve to ratchet back its monetary hawkishness remains unclear.
Republicans are increasingly confident they will take control of the U.S. Congress and it could be bullish for crypto, according to some analysts and traders.