Binance Coin And Dogecoin Lead Crypto Drop Ahead Of Fed Decision – Forbes


Federal Reserve Board Chairman Jerome Powell speaks during a news conference after the attending the … [+] Board’s two-day meeting on June 19, 2019 in Washington, DC. (Photo by Mark Wilson/Getty Images)

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Cryptocurrencies traded lower Monday as investors await inflation data and the last U.S. Federal Reserve meeting for the year later this week.

Bitcoin BTC is trading just below $17,000, down 1% since Friday close, according to Nomics. Ether is at $1,248, down 1.5% for the period.

Dogecoin DOGE has taken the largest hit among the top 10 cryptocurrencies. The canine-themed token is hovering at 8 cents, having shed 8.5%.

Binance coin follows with a 4.2% decline, worth $276.

The crypto’s market value stands at $872.27 billion, down 1.8% over the last day.

Economists widely expect the U.S. central bank to raise rates by half a percentage point when its two-day meeting concludes Wednesday. The Fed’s decision will be preceded by the November inflation reading from the Commerce Department on Tuesday.

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About the Author: Kate