Bitcoin and Ether prices drop ahead of Fed interest rate decision

economictimes.indiatimes.com:

Bitcoin's value plummeted by 5.2% to $59,950 during Wednesday's trading session as investors braced for crucial economic data and awaited the Federal Reserve's interest rate decision later in the day.

The Federal Reserve Open Market Committee gathers on Tuesday for its monetary policy meeting, which is expected to culminate on Wednesday with a decision to leave the Fed funds target rate in the 5.25% to 5.50% range.

Also, the crypto market witnessed a significant downturn attributed to highly anticipated Bitcoin and Ether ETFs in Hong Kong that didn't impress traders, with trading volume barely exceeding $10 million.

Meanwhile, Ethereum, the second largest crypto token, also plunged over 5.7% to $2,986 at 11:35 am IST. Other major crypto tokens such as BNB (-5%), Solana (-7.6%), XRP (-2.1%), Toncoin (-5.3%), Dogecoin (-8%), Shiba Inu (-8.4%), and Avalanche (-6.9%) also declined.

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Rajagopal Menon, Vice President at WazirX, said, «Before tomorrow's Federal Open Market Committee (FOMC) meeting, Bitcoin (BTC) dropped to