<div class="watcher-guru"><p>Major cryptocurrencies faced selling pressure on Thursday following the release of the <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/fed.html">Fed</a>eral Reserve’s latest meeting minutes. Investor concerns about the economic outlook weighed on digital asset prices.</p><p>BTC fell around 2.6% to trade at $28,289, based on data from CoinMarketCap. The decline of Bitcoin began after the minutes from the <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/fed.html">Fed</a> July policy meeting were published. The minutes outlined the central bank’s thinking around future interest rates.</p><figure class="wp-block-image size-large"><img width="1024" height="461" src="https://cdn.thebittimes.com/images/2023/08/18/f60acf1cac3d8ae3c6399e209f9ca05b.webp" alt="Major cryptocurrencies like Bitcoin faced selling pressure on Thursday following the release of the Federal Reserve's latest meeting minutes." class="wp-image-107372"></figure><h2 class="wp-block-heading" id="h-fed-s-tighter-monetary-policy-signal-caused-bitcoin-price-to-drop">Fed’s tighter monetary policy signal caused Bitcoin price to drop</h2><p>The <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/fed.html">Fed</a> is signaling its commitment to tighter monetary policy to combat inflation. As a result, Bitcoin and other cryptocurrency traders seem cautious about the potential for slowing economic growth. The declining prices across the crypto market on Thursday reflect ongoing uncertainty around how digital assets will perform in the current macroeconomic environment.</p><div class="quads-location quads-ad33739 " id="quads-ad33739"><div class="publift-ad add"><div></div></div></div><p>Data from Coin Metrics shows that the correlation between Bitcoin and stocks is at its lowest in two years.</p><div class="quads-location quads-ad15192 " id="quads-ad15192"><div id="primisContainer" class="add"></div></div><p><strong>Also read:&nbsp;Shiba Inu: Shytoshi Kusama’s Shibarium Launch Hint Sparks Transfer of 33 Billion SHIB</strong></p><p>Data from the analytics firm Kaiko shows that the 90-day price volatility for Bitcoin and ether has declined to multi-year lows of 35% and 37%, respectively. This means that over the past three months, the fluctuation in prices for the top two cryptocurrencies by market capitalization has been more muted compared to typical levels.</p><p>Furthermore, the whole cryptocurrency market is trading in the red. The global crypto market cap dropped by 2.29% in the last 24 hours and stands at $1.13 trillion. Due to the <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/fed.html">Fed</a> tightening policies, cryptocurrencies such as Bitcoin are seeing negative impacts.</p><div class="quads-location quads-ad33742 " id="quads-ad33742"><div class="publift-ad add"><div></div></div></div></div><div class="cs-entry__tags"><ul><li>bitcoin</li><li>btc</li><li>Fed</li></ul></div>

Bitcoin Rangebound Below $29K: Traders Uncertain on FED

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