Bitcoin Trades Around $57K, Crypto Market Drops 6% in Run-Up to Fed Decision. BTC is down about 6.3% in the last 24 hours having dropped below the $60,000 support level late on Tuesday.
Bitcoin fell in line with the wider crypto market, with ether and other altcoins also declining. Financial markets have been dogged by risk-off sentiment in the run-up to the Fed's interest-rate decision and press conference later today.10x Research said it's eyeing a price target of $52,000-$55,000 as it predicts further selling pressure.
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Bitcoin (BTC) traded around $57,700 during the European morning on Wednesday after sinking to the lowest level since the end of February as the world's largest cryptocurrency recorded its worst month since November 2022.
BTC has fallen about 6.3% in the past 24 hours having dropped below the $60,000 support level late on Tuesday, Coin Desk data show. The wider crypto market, as measured by the Coin Desk 20 Index (CD20), lost almost 9% before recovering some of the decline.
Cryptocurrencies have been dogged by risk-off sentiment in the broader financial markets amid a stagflationary feel in the U.S. following indications of slower growth and sticky inflation that have tapered hopes of an interest-rate cut by the Federal Reserve. The Federal Open Market Committee is due to give its latest rate decision later today.
