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Bitcoin (BTC) price drops below $58,000 ahead of Fed decision
Bitcoin (BTC) fell below $58,000 during European morning on Wednesday at the lowest level since the end of February. BTC has fallen about 6% in the past 24 hours, after falling below the $60,000 support level late on Tuesday. The broader cryptocurrency market, as measured by the CoinDesk 20 Index (CD20), lost more than 5%. Cryptocurrencies have been dogged by risk-off sentiment in broader financial markets, amid stagflation in the US following indications of slower growth and sticky inflation that have reduced hopes of a rate cut of interest by the Federal Reserve. The Federal Open Market Committee is expected to make its latest rate decision later today.