Bitcoin (BTC) is on watch, continuing its thus far uninspiring start to May, as crypto traders positioned ahead of a U.S. Federal Reserve decision due Wednesday. A major market talking point in recent weeks has been bitcoin's elevated correlation with U.S. stocks, especially the tech-focused Nasdaq 100 Index. But the S&P 500 and Nasdaq were both in positive territory on Tuesday, as crypto markets appeared to suffer from negative sentiment.

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