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Home»ADOPTION NEWS»Bitcoin price fell below $58,000 ahead of the FOMC, down 22% from its all-time high.
ADOPTION NEWS

Bitcoin price fell below $58,000 ahead of the FOMC, down 22% from its all-time high.

By Crypto FlexsMay 1, 20242 Mins Read
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Bitcoin price fell below ,000 ahead of the FOMC, down 22% from its all-time high.
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Posted 1 minute ago In ~

Bitcoin prices plummeted ahead of the US FOMC announcement scheduled for this afternoon.

Bitcoin BTC

-8.87%
It fell below $58,000. The current price is around $57,400, down 9.6% over the past day. The cryptocurrency has been trending downward since hitting an all-time high above $73,000 in March.

The Federal Reserve is scheduled to announce its policy decision today at 2 PM ET, and Federal Reserve Chairman Jerome Powell is scheduled to begin his press conference at 2:30 PM.

According to Bloomberg, traders are expecting a potentially big move in the stock market due to concerns that the Federal Reserve will keep interest rates high for an extended period of time.

No change in interest rates is expected because inflation has not yet fallen sufficiently, CNBC said. But there are also hopes that interest rates will be lowered further.

Cryptocurrency markets tend to react strongly to FOMC meetings, usually seeing a large initial surge before stabilizing. Pre-announcement price action could suggest traders are gearing up for it.

The broader cryptocurrency market 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 delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Tim is the editor-in-chief of The Block. Before joining The Block, Tim worked as a news editor at Decrypt. He holds a BA in Philosophy from York University and studied News Journalism at Press Association Training. X Follow him at @Timccopeland.

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