Cryptocurrencies Decline Ahead of Federal Reserve Announcement

Deep News06-17 23:55

Major cryptocurrencies are retreating from recent gains ahead of the Federal Reserve's interest rate decision and guidance.

The price of Bitcoin is down 0.9% to $65,177, while Ethereum has fallen 2.1% to $1,758. XRP is lower by 1.8% at $1.20, and Solana has declined 1.7% to $72.78.

Traders are exercising caution before the announcement later today, as comments from Fed Chair Kevin Wash could drive market direction.

Konstantinos Chrysikos of Kudotrade noted in a report, "While markets expect rates to remain unchanged, any signs that policymakers are more focused on inflation could push yields higher and add pressure to risk assets like Bitcoin."

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