Bitcoin Below $57K, Crypto Market Cap Drops 7% as Fed Decision Looms

• Bitcoin fell below $57,000 in April, marking its lowest point since February.
• The crypto market’s overall market capitalization also dipped nearly 7%.
• This downturn reflects market caution amid fears of stagflation in the U.S.

Bitcoin (BTC) slipped below $57,000 in the early hours of Wednesday to its lowest point since late February, marking its worst monthly performance since November 2022. 

According to Coinmarketcap (CMC) data, BTC dipped by over 8% in the past intraday session, dropping below the $60,000 support level late Tuesday. As further confirmed by CMC, the overall crypto market capitalization dropped nearly 7% over the same period.

The crypto market has been cautious as fears of stagflation loom over the United States. These concerns arise from the possibility of a combination of high inflation and constrained economic growth, limiting conventional measures such as interest rate cuts to stimulate the economy. 

Market observers noted that the current economic outlook in the U.S. is characterized by sluggish GDP growth and a decelerating economy. In addition, mounting inflationary pressures are straining the Federal Reserve.

Furthermore, …

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