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HomeFinance NewsBitcoin struggles to maintain $63K before Federal Reserve meeting.

Bitcoin struggles to maintain $63K before Federal Reserve meeting.

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Bitcoin experienced an 8% drop, its largest single-day decline since the collapse of FTX, causing traders to be on edge. Despite rebounding from a low of $60,951.91 to $63,154.69, Bitcoin still sits 1.6% lower than the previous day and 14% lower than a week ago, based on CoinGecko data. The Crypto Fear and Greed Index has shifted from Extreme Greed to Greed, reflecting the recent market volatility.

The upcoming U.S. Federal Open Markets Committee press conference, where Federal Reserve Chair Jerome Powell will address potential interest rate adjustments and the economic outlook, has investors on alert. While the majority of investors do not anticipate a rate cut announcement at this meeting, there is speculation that the FOMC may begin lowering federal interest rates by June. Historically, crypto investors view unchanged or lower interest rates as a positive indicator, as Bitcoin’s performance is closely tied to central bank policies and market risk factors.

Despite some certainty in interest rates remaining stable, recent outflows totaling $480 million from Bitcoin funds, coupled with a record-high amount of shares redeemed from Grayscale Bitcoin Trust, suggest ongoing turbulence in the market. While new spot Bitcoin ETFs have attracted significant funds, the overall movement of capital raises questions about the future stability of Bitcoin’s value amidst broader market shifts.

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