The price of bitcoin has dropped sharply ahead of the U.S. FOMC announcement slated for later today.
Bitcoin 
BTC -9.13% has fallen below the $58,000 mark to its current price around $57,400, down 9.6% in the last day. The cryptocurrency has been trending downward since its all-time high above $73,000 in March.
The Fed will be publishing a policy decision at 2 PM ET this afternoon, with Fed Chair Jerome Powell set to kick off a press conference at 2.30 PM.
Traders are anticipting a potentially large move in the stock market, according to Bloomberg, over concerns that the Fed will keep rates higher for a longer period.
The anticipation is that there will be zero changes made to interest rates, notes CNBC, as inflation has not yet come down sufficiently. However there is some hope that rates will be cut further down the line.
The crypto market tends to react strongly to FOMC meetings, typically with large initial spikes before settling down. The price action ahead of the announcement may suggest traders preparing for it.
The wider crypto market has also headed south, with the GM30 Index — which tracks the performance of the top 30 cryptocurrencies — down 9% to 118.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
暂时没有评论，赶紧抢沙发吧！