Bitcoin drops to $80,157 and Ethereum falls to $2,317.78 after Fed rate decision
CIE News ·
Based on reporting by crypto.news; not yet independently confirmed.
Bitcoin fell 1.5% and Ethereum slipped 2.12% on October 29 after the Fed held rates at 3.75%-4.00%, while U.S. spot Ethereum ETFs saw $170.21 million in three-day outflows.
Bitcoin (BTC) dropped 1.5% to $80,157 on October 29 after reaching an intraday low of $79,700, morningstar.com reported. Ethereum (ETH) dropped 2.12% to around $2,317.78, having briefly touched $2,293.44. The downward move followed the Federal Reserve's October 28 vote to keep interest rates unchanged at 3.75% to 4.00%.
Institutional selling also weighed on the market. Spot Ethereum exchange-traded funds in the U.S. posted $21.41 million in net outflows on October 28, marking their third straight day of withdrawals, according to crypto.news. The three-day net outflows totaled approximately $170.21 million, led by BlackRock's ETHA fund, while large holders cut their positions by about 160,000 ETH.
Analysts from Glassnode noted that long-term Bitcoin investors hold around 4 million BTC acquired between $85,000 and $118,000 at an unrealized loss, according to morningstar.com. Markets tracked by the CME FedWatch tool showed a more than 80% likelihood of a quarter-point rate increase by the central bank in December.
Key facts
- BTC dropped to $80,157
- ETH fell to $2,317.78
- Fed rates kept at 3.75%-4.00%
- Spot ETH ETFs lost $170.21M
Read the original at crypto.news