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Bitcoin fell in line with the wider crypto market, with ether and other altcoins also declining.
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Financial markets have been dogged by risk-off sentiment in the run-up to the Fed’s interest-rate decision and press conference later today.
Bitcoin {{BTC}} traded around $57,000 during the European morning on Wednesday after sinking to the lowest level since the end of February as the world’s largest cryptocurrency recorded its worst month since November 2022.
BTC has fallen about 7.5% in the past 24 hours having dropped below the $60,000 support level late on Tuesday, CoinDesk data show. The wider crypto market, as measured by the CoinDesk 20 Index (CD20), lost almost 9% before recovering some of the decline.
Cryptocurrencies have been dogged by risk-off sentiment in the broader financial markets amid a stagflationary feel in the U.S. following indications of slower growth and sticky inflation that have tapered hopes of an interest-rate cut by the Federal Reserve. The Federal Open Market Committee is due to give its latest rate decision later today.
Ether {{ETH}} slipped more than 8%, dropping below $3,000, while dogecoin {{DOGE}} led declines among other major altcoins with an 11% slide. Solana {{SOL}} and avalanche {{AVAX}} both lost about 7%.
Bitcoin fell in April, returning its first monthly loss since August. The 16% drop was the worst since November 2022, when crypto exchange FTX imploded.
UPDATE (May 1, 8:56 UTC): Updates prices throughout.
UPDATE (May 1, 9:57 UTC): Updates prices throughout.
