bitcoin · · 2 outlets
Bitcoin drops below $80,000 as crypto ignores Asian tech rally, Fed meeting begins
Bitcoin slipped below $80,000, trading near $79,700 and down 0.4% since midnight UTC. Ether also fell by 0.5%.
Crypto missed a rally in Asian tech shares, while South Korea’s Kospi rose 3.1%. The DeFi index experienced a decline of 1.8%, marking the largest drop among CoinDesk indices.
The Federal Reserve is commencing a two-day meeting today. An interest-rate decision is scheduled for Wednesday, and CME’s FedWatch tool indicates roughly a 90% chance of no change.
Bitcoin (BTC) at $84,459.46 dipped beneath $80,000 on Tuesday, registering a 0.4% drop from midnight UTC to near $79,700. Altcoins declined further, with the largest, Ether (ETH) at $2,490.55, losing 0.5%.
The DeFi index (DFX) fell 1.8%, which was the most significant for any CoinDesk index, reversing Monday's trend when it was the sole index to gain.
Asian tech shares rallied, including South Korea’s Kospi rising 3.1%, but this advance did not pull crypto along. U.S. crude oil increased, approaching $102 a barrel.
U.S. spot bitcoin ETFs absorbed $110 million on Monday, according to Farside Investors, concluding two days of outflows. Zcash (ZEC) increased by 0.5% as co-founder Sean Bowe proposed ending the 8% share of newly created coins funding the network’s community grants program, noting its treasury of around $125 million could sustain years of spending.
DeFi tokens saw losses, with aave (AAVE) at $157.15 falling 3.6% and sky (SKY) at $0.07611, the token for the project formerly named MakerDAO, losing 3.9%. AI-linked tokens declined even as Asian tech stocks rose, with render (RENDER) and the graph protocol GRT at $0.02495 each losing more than 2%.
