#Bitcoin Falls to Sub-$63K as Market Awaits Federal Reserve's Next Move
Bitcoin faced a significant downturn on Tuesday, dropping to a low of $62,355, down over 7% against the U.S. dollar in 24 hours and 12.4% in a week. This led to the liquidation of over $180 million worth of bitcoin long positions. After peaking at $73,794, Bitcoin experienced a 14% decline, settling at $63,000 as of 7:00 a.m. ET. The market cap is $1.23 trillion, with a $66.22 billion trading volume.
Top trading pairs for BTC include #fdusd , #USDT , #USD , and #usdc , with the South Korean won accounting for 1.92% of exchanges. Despite a global average just over $63,000, BTC remains relatively high in South Korea at $70,490. The decline also affected the broader crypto market, down 8.19% since yesterday.
Market analyst Simon Peters noted that while significant, such pullbacks are common in bitcoin bull markets, historically reaching up to 30%. The question is whether the price has pulled back enough for investors to buy the dip or if the decline will continue.
Peters highlighted the upcoming FOMC meeting and Jerome Powell's press conference, which could impact crypto markets. Additionally, the Bank of Japan is ending its negative interest rate policy, potentially affecting Bitcoin and the broader market. QCP Capital reported overnight bitcoin spot ETF outflows totaling -$154.3 million.
Source - news.bitcoin.com
