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Bitcoin slides to about $63,000 as Fed meeting and risk-off sentiment hit

Bitcoin was around $63,500 after trading as low as $63,065 in Asia, while ether, XRP and solana fell 3% to 4% amid a broader market selloff.

Reported · Written up by our desk · Bitcoin

CoinDesk reports bitcoin fell back toward $63,000 as risk-off sentiment spread alongside a sharp drop in Asian equities. The outlet cited South Korea's Kospi declining 10.8%, led by losses in chipmakers Samsung and SK Hynix, and noted bitcoin was down more than 2% over the past 24 hours to about $63,400.

Alongside bitcoin, CoinDesk said ether, XRP and solana were down closer to 3% to 4%. The crypto weakness coincided with a report from The Information that a Beijing-backed company has started manufacturing deep ultraviolet lithography machines, with ASML shares down 5.8% Monday and another 4.7% in pre-market trading.

CoinDesk also flagged the U.S. Federal Reserve's two-day policy meeting, beginning Tuesday, as a key catalyst for crypto. The outlet said investors were split on whether the Fed will hike rates on Wednesday.

CoinDesk further highlighted a technical level from analysts at Bitfinex, pointing to the short-term holder cost basis near $68,500, described as the aggregate break-even price of coins held for less than 155 days. It said Bitfinex expects meaningful selling pressure as prices approach that level and warned of an “air pocket” if $68,500 is cleared, before the next major resistance near $84,000.

Latest closeBitcoin $84,310.25 ▼0.1%|Solana $116.72 ▲1.5%|XRP $1.532 ▲2.1%

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