Bitcoin
and other cryptocurrencies were falling Monday as traders positioned ahead of the Federal Reserve’s monetary-policy decision on Wednesday.
Bitcoin
has fallen 2.5% over the last 24 hours to $28,594. The drop marks a fall back from levels of close to $30,000 over the weekend for the largest cryptocurrency.
Traders will be watching the outcome of the Fed’s monetary-policy meeting this week as a catalyst for the direction of Bitcoin. The 73% rally in Bitcoin prices this year has come amid expectations the Fed will be forced to loosen its policy.
“If the Fed indicates it’s not done raising rates, all bets are off for crypto and other risk assets. If the Fed suggests it’s done with rate hikes, it should galvanize the bulls and reignite the bull run,” wrote Antoni Trenchev, co-founder and managing partner of crypto lender Nexo, in a research note.
Beyond Bitcoin,
Ether
—the second-largest crypto—dropped more than 3% to around $1,848. Smaller cryptos or altcoins were weaker, with
Cardano
falling around 3% and
Polygon
down 2.1%.
Dogecoin
was declining 3.2%.
Write to Adam Clark at [email protected]
Read the full article here
