As November 2023 approaches, the cryptocurrency market is a flurry of activity, with bitcoin (BTC) leading the way and ethereum (ETH) following behind. While traders and market watchers await the news resulting from the Federal Open Market Committee's (FOMC) policy statement, the cryptocurrency markets are currently quiet and consolidated.Just hours before the FOMC meeting, the net worth of the cryptocurrency market is hovering around $1.3 trillion. Investors are holding off to see if the U.S. The federal funds rate will increase by the Federal Reserve. The CME Fedwatch Tool indicates that there is a 97% probability that a rate hike will not occur. Although the yield on US 10-year Treasury notes has decreased, the long-term bonds are still at a 16-year high. With the anticipation and expectations of the FOMC, equity futures have marginally declined.As of this writing, the price at which bitcoin (BTC) is traded is $34,388.22. The most valuable cryptocurrency has shown a 24-hour range of $34,174 to $34,703 per Bitcoin. On Wednesday, Bitcoin commanded a global transaction volume of almost $8.97 billion, with a 50.9% market cap lead.