Bitcoin Continues To Fall, Quoted At US$ 18,885, Ahead Of US Fed Meet

The Crypto market is going under turmoil, ahead of the US Federal Reserve FOMC meeting. Today, on September 20, at 6.09 pm UTC, Bitcoin fell by 3.49% intra day, and was quoted at US$ 18,885.60. Yesterday, Bitcoin closed at US$ 19,569. In the last 5 days, Bitcoin fell by 4.23%. In the past 1 month, it has dropped by 10.82%. Additionally, in the last 6 months, Bitcoin plunged by 54.29%.

Other major cryptocurrencies are also showing the same downward trend today. Ethereum was quoted at US$ 1,340, down by 2.79%. Yesterday, Ethereum closed at US$ 1,334.72. Litecoin was quoted at US$ 51.90, down by 1.87%, Dogecoin was quoted at US$ 0.0581 down by 0.81%, and Cardano was quoted at US$ 0.4422 down up 2.57% today, till last traded.

"Crypto investors are also on edge ahead of an expected interest rate hike from the U.S. Federal Reserve this week. Central banks around the world have been raising interest rates to deal with rampant inflation. But that has hurt risk assets such as stocks. Cryptocurrencies have been closely correlated with U.S. stock markets, in particular the tech-heavy Nasdaq. With stocks remaining under pressure, crypto has also felt the heat," a CNBC report mentioned today. Additionally, Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, inform CNBC, "If bitcoin falls below $18,000, the cryptocurrency could test levels as low as $14,000."

The US stock markets are also down today, ahead of the Fed meeting. S&P 500 is down by 1.43%, stood at 3,844.28, and Nasdaq Composite fell by 1.22%, stood at 11,394.13, at the time of writing. On the other hand, the US Dollar index gained to 110.25, up by 0.47%, till last traded.