Major coins were seen trading higher on Tuesday evening as the global cryptocurrency market cap rose 2% to $804.9 billion at 8:33 p.m. EST.

Why It Matters: Bitcoin and Ethereum traded in the green on Tuesday evening on a day stocks ended on a positive note. The S&P 500 and Nasdaq both closed 1.4% higher intraday. Stock futures were largely unchanged at the time of writing.

Investors are expecting the release of the Federal Open Market Committee on Wednesday. Earlier, Cleveland Fed President Loretta Mester said milder inflation data was "good news" but not enough to stop the cycle of rate hikes.

The latest round of Fed speak did not teach us anything new."

- said Edward Moya, a senior market analyst with OANDA.

The labor market is a key concern for the Fed, Mester also pointed out that labor demand is still outpacing supply. Recent trends however are showing the labor market is showing signs of cooling."

On Bitcoin, Moya said it is "back above the $16,000 level but still remains in the danger zone as everyone waits for the next crypto domino to fall."

Bitcoin could continue to stabilize here if Wall Street rebounds, but that seems unlikely as this bear market for stocks has yet to bottom out. Bitcoin has support ahead of the $15,500 level but if that does not hold, technical selling could send prices toward the $13,500 region."

Cryptocurrency trader Michaël van de Poppe said that the apex coin is "showing some more continuation" but "needs to reclaim some more levels to show serious strength."

Justin Bennett said that "markets are still range-bound, but short liquidations are building above $17k." The trader said, "Decent chance we see [Bitcoin] run the highs here."

Market intelligence platform Santiment noted that the word "dead" has been circulating in cryptocurrency discussions since November.

"As one of the more [bearish] sentiment words, this is a sign of traders giving up on markets rebounding. Ironically, this capitulation is historically when markets rebound."