Cryptocurrency Price on March 20: Bitcoin tumbles 6% to below $61,000 ahead of Fed meet outcome

economictimes.indiatimes.com:

Bitcoin fell 6.4% to $60,969 on Wednesday, hitting its two-week low ahead of the Federal Reserve's policy decision and commentary later in the day. Concurrently, Ethereum, the second-largest cryptocurrency, also saw a decline of 9%, falling to $3,075.

A sell-off in Bitcoin was also accompanied by record outflows from Grayscale’s Bitcoin Trust, accelerating the asset losses by the fund since it converted into an exchange-traded fund this year.

Grayscale’s ETF notched a daily record of $642.5 million in outflows on Monday, according to data from BitMEX Research. Data for Tuesday's flows will be available later on Wednesday.

«The low inflow of money into Bitcoin ETFs ahead of the Fed's Open Market Committee meeting suggests that interest rates may remain high, potentially impacting crypto prices,» said Rajagopal Menon, Vice President at WazirX.

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On the technical front, CoinDCX Research Team, said, «BTC is currently testing the 200 EMA 4-hour support, and a drop below this could lead to the next key support level at $58,700,