Binance Coin And Dogecoin Lead Crypto Drop Ahead Of Fed Decision

Cryptocurrencies traded lower Monday as investors await inflation data and the last U.S. Federal Reserve meeting for the year later this week.

Bitcoin
BTC
is trading just below $17,000, down 1% since Friday close, according to Nomics. Ether is at $1,248, down 1.5% for the period.

Dogecoin
DOGE
has taken the largest hit among the top 10 cryptocurrencies. The canine-themed token is hovering at 8 cents, having shed 8.5%.

Binance coin follows with a 4.2% decline, worth $276.

The crypto’s market value stands at $872.27 billion, down 1.8% over the last day.

Economists widely expect the U.S. central bank to raise rates by half a percentage point when its two-day meeting concludes Wednesday. The Fed’s decision will be preceded by the November inflation reading from the Commerce Department on Tuesday.