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Bitcoin price sinks below $58,000 ahead of FOMC, down 22% from all-time high

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The price of bitcoin has dropped below the $58,000 mark ahead of the FOMC announcement set for later today.

Bitcoin has fallen below the $58,000 mark to its current price around $57,400, down 9.6% in the last day. The cryptocurrency has been trending downward since its all-time high above $73,000 in March.

Traders are anticipting a potentially large move in the stock market, according to Bloomberg, over concerns that the Fed will keep rates higher for a longer period.

 

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