Bitcoin falls in broad crypto pull back ahead of U.S. Fed meeting on interest rates
Cryptocurrencies followed the decline in U.S. equity markets overnight as traders looked to be taking profits ahead of this week’s Federal Reserve meeting on interest rates. Bitcoin fell 3.9% to US $22,836 in the 24 hours to 8 a.m. in Hong Kong. Ether fell 4.8% to US $1,566 on Tuesday morning.
The Fed is expected to raise interest rates by smaller 25-basis points, breaking the streak of 50 or 75-basis point hikes since last March. The rate decision is expected to be announced on Wednesday.