Bitcoin (BTC) sank below $58,000 during the European morning on Wednesday to the lowest level since the end of February. BTC has fallen around 6% in the last 24 hours having dropped below the $60,000 support level late on Tuesday. The wider crypto market, as measured by the CoinDesk 20 Index (CD20), has lost more than 5%. 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.
Source: https://www.coindesk.com/markets/2024/05/01/first-mover-americas-bitcoin-sinks-below-58k-in-run-up-to-fed-decision/?utm_medium=referral&utm_source=rss&utm_campaign=headlines