BitcoinBTCUSD +1.09% and other cryptocurrencies slipped Wednesday as risk sentiment faltered across markets in the lead-up to the latest monetary policy decision from the Federal Reserve.
The price of Bitcoin has fallen 0.3% over the past 24 hours to $19,177. The largest crypto remains firmly outside the $20,000 to $25,000 range in which it largely has traded since mid-June, plunging below $18,500 in the depths of a rout earlier in the week to near its yearly low. Bitcoin is at less than one-third its all-time high of almost $69,000, reached at the peak of the crypto market in November 2021.
“Bitcoin’s fate will be determined by this week’s central bank decision fireworks, which could help fuel any selloffs to retest the summer lows,” said Edward Moya, an analyst at broker Oanda. “Peak pessimism is almost here for crypto, which is needed before longer-term money piles back in.”
