Bitcoin trading around $28,000 as market awaits Federal Reserve’s decision

Bitcoin traded between $27,300 and $28,350 over the past 24 hours, following its surge above $28,000 for the first time in nine months. Investors are now anticipating the Federal Reserve’s decision on interest rates on Wednesday, with traders predicting a 25 basis point increase. According to a report by Swissblock Insights, the market appears to be betting on a 0.25 percentage point rate hike. The report stated that if the Fed raises rates, the market shouldn’t react as aggressively, while if the Fed pauses, a strong move to the upside is likely. The report also expects volume to decrease and bitcoin’s price action to lose some steam going into the meeting. Most altcoins were down, with losses of around 5% over the past 24 hours.

U.S. Supreme Court to hear Coinbase’s appeal in crypto-related case

On Tuesday, the U.S. Supreme Court will hear arguments in its first-ever crypto-related case. Lawyers for cryptocurrency exchange Coinbase will attempt to convince the nine justices to pause a pair of class-action lawsuits against the company. The case involves a procedural argument over whether a lawsuit can proceed in federal court while one party, in this case, Coinbase, is attempting to send the dispute to arbitration.

Arbitrum (ARB) token derivative markets emerge ahead of claim event

Derivative markets for Arbitrum (ARB) tokens are appearing on centralized and decentralized exchanges ahead of Thursday’s claim event. Decentralized marketplace Clober is offering traders the ability to purchase puts on ARB with strike prices of 50 cents, $1, $2, $4, $8 and $16. The options have cumulatively seen over $50,000 in trading volume in the past 24 hours after issuance. Put options are a type of option that increase in value as the price of the underlying asset falls. Clober explained that by paying 54 cents, traders can buy the right to sell their ARB tokens for $2 at any time within 24 hours of claiming their ARB airdrop. This guarantees $1.46 of profit per ARB on claim day.