Bitcoin sinks again ahead of this week’s FOMC meeting

Crypto Update
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Bitcoin sinks again

Bitcoin sinks again | bitcoin (B T c) fell to a low of $18,255 on the crypto exchange coinbase To watch the world’s largest digital asset by market cap touch its lowest price levels since the crypto route entered June 2022.

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Belvedere Crypto was down 7.8% on Monday morning (05:30AM ET) and was trading around $18,430 major exchange As shown by CoinGecko data.

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At current levels, bitcoin is trading below previous cycle highs, with negative sentiment that could help reduce bearish targets. (Bitcoin fell to a low of $17,600 on June 18, 2022, following a selloff in a major bear market catalyzed by the collapse of Terra and LUNA and implosion for several crypto companies.

Cryptocurrency analyst Michael van de Poppe points to bitcoin’s local lows, but he thinks more could happen ahead of the FOMC meeting this week.

Bitcoin sinks again
Bitcoin sinks again
The BTC/USD daily chart is showing Monday’s decline. Source: trading view

ETH Dips, Crypto Down $70 Billion Ahead of Fed, BoE Rate Hikes

The rest of the crypto market is also in the red, along with Ethereum (ETH) shed more than 10% in the last 24 hours.

as invezz informed of Last week, Ethereum completed its historic transition from Proof-of-Work consensus to Proof-of-Stake consensus mechanism – Merge. However, the bullish effect of the event is either already decided in the pre-merge or will be felt for a long time. For now, Ether is battling only downside pressure below $1,300.

Again, van de Pope believes that a Fed rate hike could have an effect on the price of Ether. He said in a tweet on Monday:

“Ethereum is seeing weakness here as it has lost an uptrend structure. This zone is expected to react between $1,200-1,300. Not sure if we will find a bounce back to $1,425 as the Fed shows a trend on Wednesday most important as a judge.

Other major altcoins including Cardano, Polkadot, XRP and Polygon have also suffered double-digit losses over the past 24 hours. Overall, the global crypto market cap of losses in crypto is over $70 billion, currently down 7.3% to about $943 billion.

The disadvantages for crypto come in the form of a broad-risk asset market that is free from strict central bank monetary conditions. This week, the US Federal Reserve is set to raise another interest rate – it could even be a hike of 100 basis points. Elsewhere, even higher rates are expected from the Bank of England and other central banks (here’s our Latest articles on three major rate hikes This week).

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