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Bitcoin is not in a catastrophic "dump," but it has experienced a short-term dip, falling roughly 2.3% to an 11-day low of $63,414 in recent trading sessions.
The primary catalyst for this downward pressure is anxiety surrounding the U.S. Federal Reserve's upcoming interest rate decision. Traders are bracing for a surprise quarter-percentage-point rate hike, which historically drives capital away from highly volatile risk assets like cryptocurrencies and into traditional safe havens.