File photo: physical bitcoin tokens. Source: Pixabay via Wikimedia Commons (CC0).
Bitcoin held near $80,000 on Tuesday morning, steady after a week of declines, as cryptocurrency traders joined stock and bond investors in waiting for the Federal Reserve’s next interest-rate decision on Wednesday.
Bitcoin changed hands at $80,132 on Coinbase’s exchange at 8:32 a.m. Eastern on October 27, little changed from $80,203 a day earlier. Over the previous 24 hours it traded between $79,300 and $80,710. Ether, the second-largest cryptocurrency, traded at $2,324, also little changed on the day.
The quiet morning follows a losing week. Bitcoin climbed as high as $84,856 on October 21 before sliding for four straight days back to about $80,000, a drop of roughly 6 percent from that peak. Ether has fallen from about $2,470 to $2,320 over the same week.
The Federal Reserve’s October calendar lists its two-day policy meeting for October 27-28, with the rate decision due Wednesday at 2 p.m. Eastern and a press conference at 2:30 p.m. Crypto prices tend to move with interest-rate expectations, because lower rates push investors toward riskier assets while higher rates pull them back toward cash and bonds.
JBizNews Desk | New York
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