Bitcoin Slumps Below $64,000 as Fed Meeting Looms

Bitcoin plummeted below $64,000 on Tuesday, erasing gains made over the weekend as traders became cautious ahead of the Federal Reserve's policy meeting. The world's largest cryptocurrency had risen above $65,600 on Monday morning after news that former U.S. President Donald Trump had halted planned military strikes against Iran.

However, this optimism proved short-lived, and selling pressure intensified late Monday and accelerated into Tuesday's Asian trading hours. Bitcoin first lost the $65,000 handle, then cascaded through $64,000 in early morning trade, pushing its price in Japanese yen terms to approximately ¥10.4 million per coin.

The sell-off was broad, with Ethereum retreating roughly 3% to around $1,900 and XRP dropping more than 4% to approximately $1.07. The total cryptocurrency market capitalization shed about $30 billion from Monday's peak, settling near $2.31 trillion.