From the Blackmint News archive. Prices and details may have changed since publication.
Bitcoin Slips Back Below $80,000 as Fed Decision Nears
Bitcoin was at $79,429 late Sunday, down 1.7% on the day and 3.9% on the week, while ether lost 5% over seven days ahead of the Fed's Oct. 28 decision.
Bitcoin fell back below $80,000 late Sunday and was at $79,429 at 11:59 p.m. ET, down 1.7% in 24 hours, per CoinGecko. Earlier in the day it touched $80,875. That's two weekend trips under $80,000.
That leaves it a few hundred dollars above Saturday's low. Coinbase's bitcoin-dollar market bottomed at $79,107 on Saturday (UTC) and at $79,255 over the past 24 hours, according to Coinbase Exchange market data. Over seven days, bitcoin is down 3.9%, per CoinGecko.
Ether fell harder
Ether was near $2,301, down 2.5% on the day and 5% on the week, per CoinGecko. On Coinbase, the ETH-USD market dipped to $2,290 before bouncing slightly.
The Crypto Fear & Greed Index read 50, labeled neutral, down from 54 a day earlier, per Alternative.me.
Fed decision lands Wednesday
The Federal Reserve's rate-setting committee meets Tuesday and Wednesday, Oct. 27-28, according to the Fed's meeting calendar. Its decision on borrowing costs is due at the end of the meeting. Rates matter here because they set what traders pay to borrow and hold positions.
In our opinion: $80,000 makes a tidy headline, but Wednesday's Fed statement is the line worth chasing this week. We'll be reading every word.
Sources: CoinGecko (Bitcoin) · CoinGecko (Ethereum) · Coinbase Exchange BTC-USD market data · Coinbase Exchange ETH-USD market data · Alternative.me Fear & Greed Index · Federal Reserve FOMC calendar
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