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Bitcoin (BTC) Sinks Below $57K, Crypto Market Drops 9% in Run-Up to FOMC Rate Decision

Bitcoin (BTC) fell below $57,000 during European morning trading on Wednesday, hitting its lowest level since late February, as the world’s largest cryptocurrency recorded its worst month since November 2022 .

BTC fell more than 8% in the past 24 hours, falling below the $60,000 support level late Tuesday, according to CoinDesk data. The broader crypto market, as measured by the CoinDesk 20 Index (CD20), lost nearly 9%.

Cryptocurrencies have been hurt by risk aversion in broader financial markets amid stagflation in the United States following indications of slower growth and persistent inflation that have dampened hopes of a reduction in interest rates by the Federal Reserve. The Federal Open Market Committee is expected to make its final decision on rates later today.

Ether (ETH) slipped around 8%, while dogecoin (DOGE) led the decline among other major altcoins with an 11% decline. Solana (SOL) and Avalanche (AVAX) both lost around 8%.

Bitcoin fell in April, recording its first monthly loss since August. The 16% drop was the worst since November 2022, when crypto exchange FTX imploded.

UPDATE (May 1, 8:56 UTC): Updates prices throughout.

News Source : www.coindesk.com
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Sara Adm

Aimant les mots, Sara Smith a commencé à écrire dès son plus jeune âge. En tant qu'éditeur en chef de son journal scolaire, il met en valeur ses compétences en racontant des récits impactants. Smith a ensuite étudié le journalisme à l'université Columbia, où il est diplômé en tête de sa classe. Après avoir étudié au New York Times, Sara décroche un poste de journaliste de nouvelles. Depuis dix ans, il a couvert des événements majeurs tels que les élections présidentielles et les catastrophes naturelles. Il a été acclamé pour sa capacité à créer des récits captivants qui capturent l'expérience humaine.
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