Bitcoin lost 2.0% on Tuesday amid a tepid atmosphere in the market with US 10-year treasury yields surging.
Later today, the Federal Reserve will commence its two-day policy meeting to decide on appropriate monetary policy tools, with the bank widely expected to hold rates unchanged.
Prices
Bitcoin fell 2.0% at Bitstamp today to $82,259, with a session-high at $83,989.
On Monday, bitcoin rose 1.8% as US stock indices rebounded on Wall Street.
Crypto Market Value
The market value of cryptocurrencies fell by over $55 billion to a total of $2.790 trillion.
US Treasury Yields
US 10-year treasury yields rose 0.5% on Tuesday to near multi-week highs, in turn hurting the risk appetite.
The developments come amid concerns that Donald Trump’s aggressive trade policies could cause a recession in the world’s largest economy.
The Fed
Later today, the Federal Reserve will convene to discuss policies, with markets expecting no changes in interest rates.
Data released last week showed US consumer prices slowed down more than expected in February, bolstering the case for a Fed rate cut in the first half of the year.
According to the Fedwatch tool, the odds of a Fed 0.25% rate cut in March stood at just 1%, while the odds of a May rate cut stood at 30%.
The odds of a Fed June 0.25% interest rate cut stood at 75%.
