Bitcoin falls below $58,000 amid anticipation of Fed meeting

Bitcoin fell on Wednesday for the third day in a row after recording its worst monthly performance since late 2022 in April, amid anticipation of the Federal Reserve’s (US Central) decision on the interest rate and the release of key data from the US labor market.

According to Reuters, the value of the most traded cryptocurrency in the world fell by about 16 percent in April, affected by the process of taking profits from investors after a huge rise to unprecedented levels exceeding 70 thousand dollars.

Bitcoin fell by about 3.8% to $57,481 in the latest trading, which is the lowest level for the cryptocurrency since late February, while Ethereum lost about 2.6% to fall to $2,884, which is the lowest level since mid-April.

The US Central Bank is not expected to make any change in interest rates later, and investors have become more inclined that the central bank may not cut interest rates at all this year, dealing a blow to interest rate-sensitive assets such as cryptocurrencies, emerging market stocks, bonds and commodities.