Bitcoin is down ahead of the Federal Reserve’s meeting tomorrow—but it’s likely the result of factors beyond the expectation that the central bank will not tinker with interest rates.

The price of Bitcoin is now trading for $64,696, according to CoinGecko—a 4% 24-hour drop. 

Just five days ago, the biggest coin had hit a new all-time high of $73,737. It even flipped silver’s market cap. 

Tomorrow, the Federal Reserve will reveal whether it will be cutting interest rates, which have been at a 23-year high for some time. It is expected that the central bank will keep them where they are.

The Fed started raising rates in 2022 in a bid to mitigate 40-year high inflation rates. “Risk-on” assets like stocks and crypto were negatively affected as investors retreated to the dollar. 

But Bitcoin, other cryptocurrencies, and certain stocks have done well this year and last as investors eye up the tech world. 

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Author: Mathew Di Salvo

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