Bitcoin reaches 3-moths low due to investors’ fears of US Fed gathering

(MENAFN) Bitcoin dropped to its worst rate in a quarter on Monday as the cryptocurrency market deals with a sell-off in advance of the US Federal Reserve’s critical economic policy gathering this week.

The value of the world’s biggest crypto by market size fell to USD18,232 at 0630GMT, the worst since the 19 of June.

It was selling at nearly USD18,650 by 1042GMT for a 6.6 percent day-to-day decline.

Ethereum plummeted to stand USD1,280, its worst rate since the 16th of July.

The world’s largest altcoin by market value was exchanging at about USD1,316 at 1043GMT for an 8.2 percent day to day decrease.

Some altcoins witnessed their value losing as much as 12 percent on the day.

The overall price of the cryptocurrency market fell 6.3 percent to USD908 billion, as shown by figures from the digital asset price-tracking website CoinMarketCap.

The crypto sell-off comes as stockholders worry the Fed might go for a rate hike of 100 basis points, in spite of 75 basis points, throughout its two-day financial strategy gathering this week to control rising inflation in the US.


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