The price of Bitcoin (BTC) has fallen below $30,000 U.S. ahead of the next interest rate decision by the U.S. Federal Reserve on July 26.
Bitcoin is currently trading down 3% at $29,192.86 U.S., according to data from Coin Metrics. However, the price had been $28,995.02 U.S., its lowest level in more than a month.
The decline comes ahead of the next interest rate decision by the U.S. central bank and as stocks continue to rally, with the Dow Jones Industrial Average rising for 11 consecutive days, its longest winning streak since 2017.
The U.S. Federal Reserve is widely expected to raise its trendsetting interest rate by a further 25-basis points, which would take its Fed Funds Rate up to a range of 5.25% to 5.50%.
Rate increases helped to pull Bitcoin’s price lower throughout 2022 before the largest cryptocurrency by market capitalization staged a recovery this year.
Additionally, some cryptocurrency investors appear concerned about privately held Binance, the largest cryptocurrency exchange in the world.
Binance is being sued by the U.S. Securities and Exchange Commission (SEC) and is being investigated by the U.S. Department of Justice over whether it traded securities illegally and engaged in money laundering.
No charges or allegations against Binance have been proven in court. However, the ongoing crackdown on the crypto sector by the SEC and other U.S. agencies is starting to weigh on investor sentiment, say some analysts.
Despite the current pullback, Bitcoin’s price has increased 75% year-to-date, outpacing the gains seen in equities.
