Bitcoin Drops Below $76,000 as Traders Reduce Risk Before Federal Reserve Decision

Gate News message, April 28 — Bitcoin slipped below $76,000 on Tuesday as traders reduced exposure ahead of the Federal Reserve's policy decision on Wednesday, triggering a broad market pullback across major digital assets.

The total cryptocurrency market capitalization fell about 1.8% to roughly $2.62 trillion, erasing approximately $40 billion in a single day. Ether dropped nearly 2%, XRP lost around 2.2%, and BNB eased about 0.7%, according to CoinGecko data. The decline reflected a wider risk-off shift, with reduced leverage in derivatives markets and higher exchange inflows indicating traders scaling back positions ahead of the Fed's macroeconomic decision.

On-chain activity showed elevated Bitcoin transfers to exchanges during the session, suggesting increased willingness among larger holders to move assets into more liquid trading environments. The Federal Reserve is widely expected to keep rates unchanged within the 3.50% to 3.75% range. However, traders are increasingly focused on comments from Federal Reserve Chair Jerome Powell, who is set to deliver his final post-meeting press conference before stepping down in the coming weeks.

Concerns about the economic impact of the war in Iran, particularly on inflation from soaring energy prices, along with a stable job market, have influenced market expectations. Bloomberg reported that some Fed members previously wanted the central bank to signal potential rate increases in future meetings, but lacked sufficient support. Given the recent climb in the consumer price index, officials are unlikely to provide clear guidance about future decisions in the upcoming months as uncertainties persist.