Bitcoin drops below $80,000 as crypto ignores Asian tech rally, Fed meeting begins
Bitcoin prices dipped below $80,000 as the market ignored a rally in Asian tech stocks and braced for the Federal Reserve's upcoming interest rate decision. Various altcoins also saw declines, reflecting a broader cooling in crypto market enthusiasm.
Why it matters
The decoupling of crypto from tech stocks suggests that crypto-specific factors and macroeconomic policy are currently outweighing general tech sector performance.
U.S. stock index futures edged lower ahead of big-tech earnings later this week. Asian tech shares rallied, with South Korea’s Kospi rising 3.1%, though the advance didn’t pull crypto along with it. Oil rose, with U.S. crude approaching $102 a barrel.
The Federal Reserve begins a two-day meeting today, with an interest-rate decision on Wednesday and CME’s FedWatch tool showing around a 90% chance of no change. Traders will be looking for clues on whether another rate increase is likely before year-end. U.S. spot bitcoin ETFs took in $110 million on Monday, according to Farside Investors, ending two days of outflows.
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