The cryptocurrency market has fallen by 1.9% today, with its total cap dropping to $1.23 trillion in the past 24 hours as investors de-risk in anticipation of this week’s FOMC meeting.
The expectation is that the Federal Reserve will announce its 10th-consecutive rate hike when it meets on tomorrow and Wednesday, bringing its funds rate between 5% and 5.25%, its highest level since July 2007.
Crypto has responded to this expectation by falling more or less across the board, with Bitcoin (BTC) dropping by 2.5% in the past 24 hours, and with certain alts — including ETH, SOL and DOT — falling by 3% or more.
This article was originally published by CryptoNews.