Bitcoin drops nearly 2% below $80,000 as traders cut risk before Fed meeting
CIE News ·
Based on reporting by CoinDesk; not yet independently confirmed.
Bitcoin declined nearly 2% to roughly $79,800 during Monday Asian morning hours as investors de-risked ahead of Wednesday's Federal Reserve interest rate decision.
Bitcoin (BTC) dropped nearly 2% to around $79,800 during Asian morning hours on Monday as traders reduced risk exposure ahead of Wednesday's Federal Reserve rate decision, CoinDesk reported. Jeff Mei, chief operating officer at crypto exchange BTSE, told CoinDesk that investors are de-risking over concerns the central bank might signal a December rate hike amid inflation and high oil prices. CoinDesk noted that BTC needs to get back above the $82,500 floor it lost last Thursday before buyers can view the dip as a pause.
Key facts
- BTC dropped to ~$79,800
- BTC fell nearly 2%
- Lost $82,500 floor last Thursday
- Fed meeting on Wednesday