A feeling of fear has emerged in the cryptocurrency market as attention is focused on the upcoming Federal Reserve decision. The highly-watched crypto fear and greed index has dropped from extreme greed levels of over 80 to a neutral phase of 58.

This movement in price took place as Bitcoin remained within a narrow range between $70,000 and $60,000, while other altcoins like Solana, Avalanche (AVAX), and Cronos (CRO) experienced significant declines recently. Despite this, there are positive indications, with BitBot raising over $3 million in its token sale.

Anticipation of Federal Reserve Decision

Both Bitcoin and other altcoins have experienced significant pullbacks ahead of the interest rate decision this week. Economists predict that the Federal Reserve will maintain a hawkish stance in this meeting due to persistently high inflation.

Recent data indicates that the Consumer Price Index (CPI) rose to 3.5% in March, with core CPI seeing an increase to 3.8%. Additionally, another report revealed that Personal Consumption Expenditure (PCE) rose to 2.5%, and core PCE spiked to 2.8%.

These numbers suggest that inflation remains high and surpasses the Federal Reserve's target of 2.0%. There are indications that inflation will persist at elevated levels, especially with the continuous increase in crude oil and industrial metals prices.

Moreover, key services like rent and insurance have seen ongoing price hikes in recent months, likely leading the Federal Reserve to consider higher rates for a longer duration.

Typically, assets like Bitcoin, Solana, and Avalanche tend to decline when the Federal Reserve adopts a hawkish tone, which can result in a stronger US dollar compared to other central banks considering interest rate cuts.

BitBot Token Sale Progress

On the other hand, BitBot has been advancing its token sale and has raised more than $3 million, demonstrating significant demand for new coins.

BitBot is a platform aiming to revolutionize the trading and investing sector by developing a trading bot to help traders execute profitable trades efficiently. Utilizing technical analysis and artificial intelligence (AI), BitBot's technology will be available on Telegram, a widely-used app with over 900 million users monthly. This industry has facilitated trades exceeding $19 billion and generated over $100 million in revenue for developers.

BitBot seeks to address major challenges in the trading bot market by focusing on profitability through AI and other technologies and aims for faster execution by leveraging custom RPC node and institutional infrastructure. Additionally, the network emphasizes strong security measures by being non-custodial. Interested individuals can purchase the BitBot token through the provided link.