Bitcoin fell below $58,000 ahead of the Federal Reserve’s decision.

Bitcoin (BTC) It fell below $58,000 during the European morning on Wednesday. It fell to the lowest level since the end of February. BTC is down about 6% over the past 24 hours after falling below the $60,000 support level late Tuesday. The broader cryptocurrency market, as measured by the CoinDesk 20 Index (CD20), lost more than 5%. Cryptocurrencies have been suffering from risk aversion in broader financial markets amid stagflation in the U.S. due to slowing growth and signs of inflation amid dwindling expectations of interest rate cuts by the Federal Reserve. The Federal Open Market Committee is expected to issue its latest interest rate decision later today.