Bitcoin stabilizes ahead of the Federal Reserve’s rate decision, pressured by rising oil prices and a semiconductor stock rout in Asia.
Bitcoin traded near $64,000 on Wednesday, consolidating after a drop to 11-day lows of $62,700 as traders braced for the Federal Reserve’s interest-rate decision. The cryptocurrency faced headwinds from a broader risk-asset sell-off and escalating geopolitical tensions.
The decline followed a rout in Asian chip stocks, which spilled into US markets, alongside concerns over debt obligations among semiconductor and AI firms. Oil prices surged 7.6% for WTI and 5.4% for Brent after US threats of retaliation in the Iran conflict, adding inflationary pressure.
Markets awaited the Fed’s decision, which could amplify volatility across risk assets, including cryptocurrencies and equities.