Bitcoin Seesaws Around $28K as Investors Await Fed Interest Rate Decision

Sunday’s announcement that the Fed would increase the frequency of the dollar swap lines with the European Central Bank, the Bank of Japan, the Bank of England, the Bank of Canada and the Swiss National Bank from weekly to daily, aims to calm exchange volatility and avoid strains in the supply of credit to households and businesses worldwide, as CoinDesk Managing Editor Markets Asia Omkar Godbole reported, adding that “the increased frequency of swap lines has cleared the way for an unabated rise in risk assets, including bitcoin. The leading cryptocurrency by market value is largely seen as a hedge against the banking system.”