Bitcoin prices fall below $29,000. Attention turns to the Federal Reserve.

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Bitcoin and other cryptocurrencies were lower on Monday as traders positioned themselves ahead of the Federal Reserve’s monetary policy decision on Wednesday.

Bitcoin has fallen 2.5% in the past 24 hours to $28,594. The decline marks a drop from levels near $30,000 over the weekend for the largest cryptocurrency.

Traders will be watching…

Bitcoin and other cryptocurrencies were lower on Monday as traders positioned themselves ahead of the Federal Reserve’s monetary policy decision on Wednesday.

Bitcoin has fallen 2.5% in the past 24 hours to $28,594. The decline marks a drop from levels near $30,000 over the weekend for the largest cryptocurrency.

Traders will be watching the outcome of the Fed’s monetary policy meeting this week as catalyst for Bitcoin’s direction. The 73% rise in Bitcoin prices this year came as the Fed is expected to be forced to ease policy.

If the Fed indicates that it is not done raising rates, all bets are off for crypto and other risky assets. If the Fed suggests ending rate hikes, it should galvanize the bulls and restart the bull run, wrote Antoni Trenchev, co-founder and managing partner of crypto lender Nexo, in a research note.

Beyond Bitcoin, Ether, the second largest crypto, fell more than 3% to around $1,848. Smaller cryptos or altcoins were weaker, with Cardano down around 3% and Polygon down 2.1%. Dogecoin was down 3.2%.

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Write to Adam Clark at [email protected]

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