Bitcoin drops to one-week low ahead of FOMC

By MG News | June 11, 2024 at 12:18 PM GMT+05:00

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June 11, 2024 (MLN): Bitcoin wobbled on Tuesday in a sign of trader nerves ahead of US inflation data and the Federal Reserve’s monetary-policy decision, as Bloomberg reported.

The largest digital asset slid 2.7% to a one-week low of $67,750 as of 12:15pm PST.

Smaller tokens such as Ether and meme-crowd favorite Dogecoin also nursed losses.

Bitcoin hit a record of $73,798 in March, lifted by inflows into dedicated US exchange-traded funds, but has struggled for new highs since then.

The inflation data and Fed outlook on Wednesday may cement fears that interest rates will stay higher for longer, a tough backdrop for speculative fare like crypto.

“No news is bad news in crypto,” said Anand Gomes, co-founder of Paradigm, a derivatives platform. “The market is like a junkie that constantly needs bullish news to stay up.

So when there is none, the path of least resistance is lower.”

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