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First Mover Americas: Bitcoin Sinks Below $58K in Run-Up to Fed Decision

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Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

BTC has fallen around 6% in the last 24 hours having dropped below the $60,000 support level late on Tuesday. The wider crypto market, as measured by the CoinDesk 20 Index , has lost more than 5%. Cryptocurrencies have been dogged by risk-off sentiment in the broader financial markets amid a stagflationary feel in the U.S. following indications of slower growth and sticky inflation that have tapered hopes of an interest-rate cut by the Federal Reserve.

accused of misleading Congress by Rep. Patrick McHenry, the chairman of the House Financial Services Committee , who said Gensler's agency already knew it considered Ethereum's ether a security before he attended a hearing and declined to answer that question. "Chair Gensler refused to answer questions regarding the SEC's classification of ether," McHenry said in a statement posted on X on Tuesday."New court filings show this was an intentional attempt to misrepresent the commission's position." The classification of ETH is a major question hanging over the U.S. oversight of digital assets. If ETH is a security that should be registered and regulated by the SEC, then many other tokens may also fit that definition.

 

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