Bitcoin continues to slide before US rate decision

Bitcoin price falls for a third day, pressured by profit-taking and anticipation of a hawkish Federal Reserve.

Bitcoin extended its losses for a third day, falling to its lowest level since late February, recording its worst monthly performance since late 2022 in April.

The decline has been triggered by profit-taking following Bitcoin’s surge to record highs above $70,000 earlier this year. As of Wednesday, Bitcoin was trading down 5% at $57,619. Other major cryptocurrencies also saw losses, with Ether falling 4.4% and XRP dipping 1.8%.

The Federal Reserve’s interest rate decision looms later on Wednesday, with investors increasingly wary that the central bank may hold off on rate cuts altogether this year. This shift in sentiment is putting pressure on interest-sensitive assets like gold and cryptocurrencies.

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