Bitcoin Price Tumbles Below $77K Ahead of FOMC Rate Hike Announcement
Bitcoin's price has fallen below $77,700 ahead of tomorrow's FOMC meeting, where the Federal Reserve will announce its interest rate decision. The market is under pressure, with nearly 79,000 traders liquidated and total liquidations reaching $337.75 million in the past 24 hours.
The main reasons for Bitcoin's price drop are the Senate procedural vote on the Digital Asset Market Clarity Act, which has reduced market hopes for the bill. Prediction market odds for its passage have fallen from 44% to 18% ahead of the September 15 vote.
Markets are also pricing in a 93% chance of a Fed rate hike, leading traders to reduce their exposure to Bitcoin. Higher oil prices, with Brent crude moving above $106 a barrel due to Middle East tensions, have added fuel to the fire.