Bitcoin Falls Below $80,000 as Traders Watch Fed for December Rate Clues

Bitcoin (BTC) fell below $80,000 in Asian trading Monday as investors watched the Federal Reserve’s Oct. 27-28 meeting for clues about a possible rate hike in December. At about 2:30 a.m. ET Monday (06:30 UTC), Bitcoin traded at $79,949, down 0.8% over 24 hours. Ether (ETH) was $2,313, down 1.5%. BTSE Chief Operating Officer Jeff Mei expects the Fed to leave rates unchanged this week. He said markets will focus on whether the Fed chair signals a December rate hike. Mei pointed to high oil prices, rising U.S.-Iran tensions and inflation as factors that could prompt a firm tone, which he said would mean tighter liquidity for crypto and stocks.

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