Bitcoin Plunges to 10-Day Low Amid FOMC Uncertainty and Broader Market Crash

The price of Bitcoin (BTC) has dropped to a 10-day low after plummeting by $4,000 from its local peak at $67,000 reached just over a week ago.

The decline is not isolated and seems to be part of the broader market crash. Asian stocks have taken a hit, with South Korea's KOSPI plummeting by double digits and Japan's Nikkei 225 slipping by over 4%.

Experts point to three main reasons for the decline: FOMC uncertainty, the broader market crash, and ETF outflows. The Federal Reserve's upcoming meeting is a major concern, with investors wary of a surprise rate increase despite expectations that rates will remain unchanged.

As a result, many are de-risking before the key economic event, making risk-free assets more attractive and pushing down speculative assets like Bitcoin.