Bitcoin fell on Monday after a weekly loss, as traders were cautious ahead of the U.S. Federal Reserve interest rate decision due later this week.
The world’s largest cryptocurrency fell 1.6% to $83,191.20 by 01:57 ET (05:57 GMT). The token lost more than 1% last week.
Crypto markets await Fed decision amid tariff concerns
Crypto investors were adopting a cautious stance ahead of the Federal Reserve’s policy meeting scheduled for March 18-19, where interest rates are expected to remain steady.
Market participants are particularly eyeing the Fed’s commentary on President Donald Trump’s recent tariff policies and the potential implications for inflation and economic growth.
In December 2024, Bitcoin prices surged past $108,000 following Trump’s election victory, propelled by expectations of crypto-friendly regulatory appointments and the establishment of a national Bitcoin reserve.
However, the Federal Reserve’s hawkish stance during its December meeting, coupled with escalating trade tensions from Trump’s tariff announcements, have since tempered investor enthusiasm.
The upcoming Fed meeting is anticipated to provide insights into how ongoing trade disputes and tariff measures may influence monetary policy and broader economic conditions.
21Shares to liquidate two crypto ETFs amid market downturn
Crypto asset manager 21Shares said it will liquidate two of its exchange-traded funds (ETFs) by March 28 amid a significant downturn in cryptocurrency markets, according to a company statement on March 13.
21Shares offers the largest suite of cryptocurrency exchange-traded funds (ETFs) in the world, according to its website.
The affected funds are the ARK 21Shares Active Bitcoin Ethereum Strategy ETF (NYSE:ARKY) and the ARK 21Shares Active On-Chain Bitcoin Strategy ETF (NYSE:ARKC). Both ETFs will stop trading on March 27, and shareholders will receive cash distributions based on their holdings after liquidation.
This decision comes as the cryptocurrency market experiences notable declines.
Despite these closures, 21Shares and its investment partner, ARK Investment Management LLC, reaffirmed their commitment to expanding regulated cryptocurrency products in the U.S. market.
Crypto price today: most altcoins lower amid risk-off sentiment
Most altcoins were also lower on Monday amid a broader risk-off mood.
World no.2 crypto Ether fell 1.8% to $1,897.36.
World no. 3 crypto XRP declined 2.4% to $2.3343.
Solana dropped 5.1%, while Cardano lost 4.4% and Polygon slipped 2.1%.
Among meme tokens, Dogecoin was trading 2.4% lower, while $TRUMP slumped 5.8%.