Bitcoin Crashes to 10-Day Low as Investors De-Risk Ahead of FOMC

Bitcoin's price has dropped to a 10-day low of $63,000 after being rejected at $65,600. The rejection and subsequent drop are likely due to investors de-risking before the upcoming FOMC meeting, which is expected to be one of the least predictable decisions in recent years.

The Federal Reserve's decision on interest rates will have a significant impact on Bitcoin's price, as higher borrowing costs and rising real yields make risk-free assets more attractive. The uncertainty surrounding the FOMC meeting has caused investors to become cautious, leading to a decline in Bitcoin's price.

Other factors contributing to Bitcoin's drop include the broader market crash and ETF outflows. Asian stocks have plummeted, with South Korea's KOSPI down by double digits, and Japan's Nikkei 225 has slipped by over 4%. The precious metal gold has also been rejected, peaking at almost $4,120 before dropping by just over $100.