Bitcoin Drops 3.5% as Markets Await Fed Meeting Results
Risk markets retreated on Tuesday ahead of the U.S. Federal Reserve's policy meeting.
- Bitcoin traded at $81,300, down 3.5% in 24 hours.
- Solana, Ethereum, and XRP also experienced losses.
- Nasdaq fell by 1.7% and S&P 500 by 1.1%.
The Federal Open Market Committee began a two-day meeting, with results and Chairman Jerome Powell's press conference scheduled for Wednesday afternoon.
- No change in interest rates is expected.
- Traders seek signs of a more dovish stance from the Fed due to market volatility and slowing inflation.
- Current market actions reflect concern that the Fed may not ease policy soon.
CME FedWatch indicates no chance of a rate cut this week, with only a 20% chance for May and a 66% chance for June.