The price of Bitcoin, the leading cryptocurrency, has fallen below $104,000 amidst anticipation of the U.S. Federal Reserve's decision. This development is accompanied by increasing market volatility.
Price Drops and Volatility
Bitcoin is currently trading at $103,735, down 2.7%. Earlier this week, it reached a record high of $108,135. However, market volatility has increased significantly ahead of the expected rate hike by the Federal Reserve.
Expert Opinions
Prominent trader Josh Olszewicz opined that the $100,000 level is crucial for bulls to defend. He believes that the largest cryptocurrency is now in a risk-off mode ahead of the Fed's rate decision and does not expect a collapse to $86,000. Meanwhile, U.S.-based Bitcoin ETFs continue to attract significant inflows, totaling $733 million on Tuesday.
Regulatory Changes
Bitcoin has also gained some regulatory support. Anti-crypto SEC Commissioner Caroline Crenshaw is anticipated to leave the agency, potentially impacting the regulatory landscape.
The Bitcoin market remains volatile, with heightened uncertainty ahead of the Fed's decision. Anticipated regulatory changes could further influence market dynamics.
