Bitcoin on Wednesday reversed its new year rally as investors weighed the Federal Reserve’s policy outlook and stayed on alert for updates on the Securities and Exchange Commission’s looming bitcoin exchange-traded fund decision.
The price of bitcoin was last lower by more than 4% at $42,685.85, according to Coin Metrics. Earlier in the day, it fell as much as 6%, giving back nearly all of its gains from Tuesday, when it rose as high as…