Bitcoin slips under $80,000 as traders de-risk ahead of Fed meeting
Bitcoin and other major cryptocurrencies saw a decline as investors de-risked ahead of a Federal Reserve meeting and concerns over potential interest rate hikes. Market sentiment was further dampened by geopolitical tensions in the Middle East and a broader selloff in AI-related tech stocks across Asia.
Why it matters
The volatility in crypto markets reflects broader macroeconomic anxiety, highlighting how sensitive digital assets remain to central bank policy and global geopolitical instability.
Selling hit almost every major token. Ether dropped nearly 3% to just above $2,300, and XRP lost about 3% to $1.28. SOL slid 2% and is barely holding $100. DOGE, ZEC, HYPE and BNB each fell 1% to 2%, while TRX was the only major in the green, up less than 1%, according to CoinDesk data.
“This week, all eyes are on the Fed meeting and it already seems like investors are de-risking as Bitcoin falls below the $80k mark. While the Fed probably won’t change rates this week, we’re watching how strongly the chair hints at a December hike — that’s what matters for crypto,” Jeff Mei, chief operating officer at crypto exchange BTSE, said in an email to CoinDesk.
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