BTC/USD: Bitcoin Loses Grip on Record as Prices Slide to $103,000 Ahead of Fed Decision

OG coin retreated early Wednesday as traders shifted their focus to the looming rate decision by the Fed. Is a rate cut coming today?

• Bitcoin prices BTCUSD pulled back Wednesday morning, sliding all the way to $103,000 from a record high of $108,000 set a day earlier. The retreat is a breath of fresh air to those who are hoping the rally is actually organic, well-sustained and not froth (hmm). The orange coin has shed just over 4% but it also dragged the whole market with it thanks to its sheer market size.
• Bitcoin makes up about 57% of the total crypto market value with a ratio of $2 trillion (Bitcoin) to $3.6 trillion (all crypto). Ethereum ETHUSD was also seen walking back some of the gains. The second-largest token peaked at a three-year high yesterday, breaking above $4,100 but today prices were down by some $300 to gravitate toward $3,800 a piece. Is there a reason for the dial-down?
• The Federal Reserve today will decide the level of its benchmark interest rate and traders are bracing for seesawing volatility. On a good day, crypto boasts stomach-churning volatility and that only gets worse when major events drop to shake the dealmaking scene. Analysts, Wall Street and crypto bros expect the US central bank to slash borrowing costs by 25 basis points. But there’s also room for a surprise rate hold, which could spark panic in digital asset prices.