Bitcoin plummeted to nearly $68,000 as the market waited for an interest rate decision from the US Federal Reserve (Fed).
Stock market futures contracts fell slightly on Monday as investors awaited the US Federal Reserve's (Fed) policy meeting in June.
Dow Jones futures lost 60 points, or 0.15%. S&P 500 and Nasdaq 100 futures contracts both lost about 0.1%.
The moves came after a quiet but notable day on Wall Street. The S&P 500 and Nasdaq Composite rose slightly to new record closes, while the Dow inched up nearly 0.2%.
This comes as traders prepare for the Fed's two-day policy meeting starting today. The meeting will end on Wednesday with a decision on interest rate policy and a press conference featuring Federal Reserve Chairman Jerome Powell.
While investors are anxiously awaiting policy announcements, most are pricing in interest rates remaining unchanged. According to CME's FedWatch Tool, Fed funds futures show virtually no chance of a rate cut at this week's meeting.
Ahead of the Fed's decision, investors will analyze small business data on Tuesday. On Wednesday, they will closely watch the consumer price index for May.
“We have two big events coming up mid-week: the CPI on Wednesday and the Fed meeting,” said Zachary Hill, head of portfolio management at Horizon Investments.
On the corporate earnings front, traders will be watching for results from Oracle and Rubrik expected to be released on Tuesday.
Bitcoin lost more than 2% in the past 24 hours as the leading asset returned close to the $68,000 region.
After continuing to be rejected at the $72,000 threshold on June 7, the market has turned down in recent days.
The market continues to consolidate below $70,000 while awaiting US economic data including the May consumer price index and an interest rate policy decision from the Fed.
BTC price chart – 1 day | Source: TradingView
The Altcoin market was in the red yesterday.
Leading the market decline were Wormhole (W) and Notcoin (NOT) as both plunged 15% and nearly 14%, respectively.
Other major projects in the top 100 include PEPE (PEPE), Pyth Network (PYTH), MANTRA (OM), Bonk (BONK), FLOKI (FLOKI) , Ondo (ONDO), Ethena (ENA), Render (RNDR), BNB (BNB), Filecoin (FIL), ORDI (ORDI), Bittensor (TAO), Gala (GALA), Beam (BEAM), Sui (Sui), Worldcoin (WLD),... lost 6-9% of their value.
Source: Coin360
After two weekends of sideways movement around the $3,700 mark, Ethereum (ETH) started the new week with a red candle on the daily chart.
ETH price has plunged more than 3% below the $3,600 threshold and is trading around $3,590 at the moment.
ETH Price Chart – 1 Day | Source: TradingView
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Viet Cuong
Bitcoin Magazine
