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Bitcoin tumbles 6% to below $61,000 ahead of Fed meet outcome

Bitcoin fell 6.4% to $60,969 on Wednesday, hitting its two-week low ahead of the Federal Reserve's policy decision and commentary later in the day. Concurrently, Ethereum, the second-largest cryptocurrency, also saw a decline of 9%, falling to $3,075. Grayscale’s ETF notched a daily record of $642.5 million in outflows on Monday, according to data from BitMEX Research. Following the decline in the major crypto tokens, the global cryptocurrency market cap fell 5.8% to around $2.31 trillion in the last 24 hours. In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, fell to $1.2 trillion.

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