Reuters: Bitcoin's plunge could be affected by the Federal Reserve's tightening interest rate outlook

Ahead of the Fed's interest rate decision at a later date and important data on the US labor market, April had its worst monthly performance since the end of 2022 and has now fallen below the $58,000 support level. Bitcoin's value fell by nearly 16% in April as investors sought to take profits after the price rose to an all-time high above $70,000. The Fed is not expected to make any changes to interest rates at a later date, but investors' view that the central bank may not cut rates at all this year is gaining ground, hitting interest rate-sensitive assets such as cryptocurrencies and emerging markets, including stocks and bonds, and even commodities.