Bitcoin falls below $80,000 ahead of Fed decision

Bitcoin fell below $80,000 on Monday, October 26, as investors reduced exposure to riskier assets ahead of a Federal Reserve rate decision and amid declines in technology shares. The cryptocurrency dropped as much as 1.4% to below $79,300 before recovering to around $80,000 in afternoon trading in Asia, according to reported market prices. Ether, XRP and other major digital tokens also declined. Bitcoin had fallen below $80,000 twice over the weekend, with one account reporting lows of $79,200 and $79,300. The price moves followed a broader pullback in Asian markets, where technology and chip stocks were under pressure as investors questioned spending on artificial intelligence and awaited earnings from large technology companies. US-listed spot Bitcoin exchange-traded funds recorded $772.4 million in withdrawals on Thursday and Friday, after more than $1 billion of net inflows earlier in the week. The reversal added to signs of caution among investors, though it does not establish what caused Bitcoin’s price decline. The Federal Reserve is scheduled to announce its rate decision on Wednesday, October 28, after a two-day meeting. Traders are watching for comments from Chair...