Cryptocurrency Price on March 19: Bitcoin slides 6% to below $65,000 ahead of US Fed policy decision
The global cryptocurrency market cap declined 5.35% to around $2.45 trillion in the last 24 hours.
«Bitcoin experienced a decline to the $65,000 mark amid surging profit booking and liquidations. Market participants should closely monitor the $64,700 level as a critical threshold. A breach below this point could potentially propel Bitcoin towards the $62,000 to $64,000 range,» said Edul Patel, CEO of Mudrex.
Meanwhile, Vikram Subburaj, CEO of Giottus, said, «If Bitcoin loses $65,000, it may revisit $61,000 in the coming days.»
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The Fed is widely expected to hold rates steady on Wednesday, with the market's attention on policymakers’ updated economic, comments from Chair Jerome Powell and interest rate projections.
Last week's stronger-than-expected inflation reports led traders to reduce their bets of rate cuts this year, with markets pricing in 71 basis points of easing this year. At the start of the year, traders were pricing in 150 bps of cuts.
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