Bitcoin slides below $58,000, rattled by tougher Fed rate outlook
2024.05.01 04:16
LONDON (Reuters) – fell for a third day on Wednesday, having posted its worst monthly performance in April since late 2022, ahead of an interest rate decision by the Federal Reserve later and key U.S. labour market data.
The value of the world’s most traded cryptocurrency fell by nearly 16% in April, as investors booked profits on a sizzling rally that has taken the price to record highs above $70,000.
Bitcoin was last down 3.8% at $57,481, its lowest since late February, while losses in ether were more modest, down 2.6% at $2,884 at its weakest since mid-April.
The Fed is not expected to make any changes to interest rates later, but the view is taking root among investors that the central bank may not cut rates at all this year, delivering a blow to interest rate-sensitive assets such as cryptocurrencies, emerging market stocks and bonds or even commodities.
