Bitcoin (BTC) fell to $29,147, dropping below $29,500 for the first time since June 21, with the latest decline coming amid uncertainty ahead of the Federal Reserve’s policy rate decision this week.
Since March 2022, the Federal Reserve has implemented its fastest rate hikes in decades, raising its benchmark borrowing rate from zero to a range of 5% to 5.25%.
CoinGecko data shows that Bitcoin trading volume has also dropped sharply ahead of the Fed meeting, with daily trading volume below $10 billion for three consecutive days since last Friday.
