- Bitcoin has dipped by more than 2.5% while the market awaits the Fed’s significant monetary policy decisions.
- Other leading cryptocurrencies like Ether, Solana, and XRP have also shown notable declines.
- The Fed is expected to keep its 23-year high interest rate of 5.25%—5.50% unchanged during the upcoming FOMC meeting.
The leading cryptocurrency dropped to a one-week low ahead of the U.S. inflation data release and the Federal Reserve’s interest rate decision. With rates already at a 23-year high of 5.25%-5.50%, experts anticipate the Fed will maintain its tight monetary policy following this week’s Federal Open Market Committee (FOMC) meeting.
Bitcoin fell more than 2.5% to its lowest price in a week before partially recovering to $68,403, down 1.86% in 24 hours. Despite a slight weekly dip of 1.40%, Bitcoin remains up over 12% in the past month. The token’s 24-hour trading volume surged 81% to $25 billion, indicating increased market activity.
Other leading cryptocurrencies, such as Ether, XRP, and Solana, have also experienced notable declines amidst anticipations of the Fed’s tightene…
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