# Bitcoin Hovers in Sight of Lowest Level Since 2020 as US Fed Looms | Tech News (HT Tech) > Cryptocurrency investors waited with bated breath for a US Fed policy decision that likely holds the key to whether Bitcoin can avert a massive drop last seen during the pandemic. # Bitcoin Hovers in Sight of Lowest Level Since 2020 as US Fed Looms ## Cryptocurrency investors waited with bated breath for a US Fed policy decision that likely holds the key to whether Bitcoin can avert a massive drop last seen during the pandemic. Sept 21 2022, 18:03 IST ![Follow on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/follow-us-facebook.png) ![Follow on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/follow-us-facebook-hover.png) ![Share](https://images.hindustantimes.com/tech/static/revamp/images/png/Share.png) ![Share](https://images.hindustantimes.com/tech/static/revamp/images/png/Shareclicked.png) ![Share on WhatsApp](https://images.hindustantimes.com/tech/static/revamp/images/png/whatsapp.png) ![Share on WhatsApp](https://images.hindustantimes.com/tech/static/revamp/images/png/whatsapp-hover.png) ![Share on Twitter](https://images.hindustantimes.com/tech/static/revamp/images/png/twitter.png) ![Share on Twitter](https://images.hindustantimes.com/tech/static/revamp/images/png/twitter-hover.png) ![Share on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/facebook.png) ![Share on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/facebook-hover.png) ![Bookmark](https://images.hindustantimes.com/tech/static/revamp/images/png/Bookmark.png) ![Bookmarked](https://images.hindustantimes.com/tech/static/revamp/images/png/Bookmarked.png) ![Bitcoin](https://images.hindustantimes.com/tech/img/2022/09/21/1600x900/FINTECH-CRYPTO--0_1663164416685_1663164416685_1663744292826_1663744292826.JPG) ![icon](https://images.hindustantimes.com/tech/static/revamp/images/png/imageviewall.png) Ahead of the Federal Reserve policy decision, Bitcoin experts believe that more than 100 basis point hike can send the cryptocurrency back to the low levels of 2020s. (REUTERS) ![Author Photo](https://images.hindustantimes.com/tech/static/revamp/images/png/HTTech-new-circle-logo.png) ### By BLOOMBERG Cryptocurrency investors waited with bated breath for a Federal Reserve policy decision that likely holds the key to whether Bitcoin can avert a drop to levels last seen when the pandemic was raging globally. The largest token was little changed at $19,000 as of 11:44 a.m. in Singapore on Wednesday, while other major coins like Ether, Solana and Avalanche were also steady. A drop of more than 7% in Bitcoin -- something that can happen in a few seconds in digital assets -- would send it back to 2020 prices. Markets could breathe a temporary sigh of relief if the Fed raises borrowing costs by three-quarters of a percentage point again as expected and avoids becoming even more hawkish. But a bigger, one-percentage-point increase to fight inflation might heap pressure on riskier assets by imperiling liquidity. Also read click here. “If the FOMC delivers less than a 100 basis points hike, it would make sense to see a small relief rally -- this could be quite large if the FOMC were to deliver less than a 75 basis points increase, although this seems highly unlikely,” said John Toro, head of trading at digital-asset exchange Independent Reserve. The MVIS CryptoCompare Digital Assets 100 Index is down this week, taking its losses for 2022 to about 60% compared with 21% for global stocks. The correlation between equities and Bitcoin is elevated and close to a record, a sign of how assets are being tossed around by common macro factors. “If we do end up seeing 100 basis points, we might see quite the volatility” in virtual coins following the Fed announcement, Laura Vidiella del Blanco, vice president of business development and strategy at LedgerPrime, said on Bloomberg Television. 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