Bitcoin slips under $80,000 as traders de-risk ahead of Fed meeting
Ether and XRP led losses among the majors as the AI trade took another hit in Asia, where Goldman Sachs cut its Kospi target by 25%.
Bitcoin experienced a significant drop, slipping under $80,000 as traders began to de-risk ahead of the upcoming Federal Reserve meeting. This decline is also attributed to the continued negative impact from the AI trade. Ether and XRP followed suit, both experiencing notable declines. Various other tokens also saw a decrease in value, with some gaining a minimal amount.
Jeff Mei, the COO of crypto exchange BTSE, commented on the market's current de-risking trend, hinting at the Fed's potential decision on rates. As the Fed meeting approaches, traders are closely watching Chair Kevin Warsh's press conference for any indications of a December rate hike, which could further affect the crypto market.
The AI selloff continued in Asia, with South Korea's Kospi falling and chip stocks being particularly hard-hit. The MSCI Asia Pacific Index also faced a decline. Despite some relief from oil prices, Bitcoin needs to regain the $82,500 level before the current dip is considered a pause.
Written by urgent.news from CoinDesk's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
