Crypto rates are ahead of the Fed’s scheduled two-day meeting, which will see a 0.75% rate hike.
Decline in the crypto market
The prices of almost all cryptocurrencies have fallen today. This is because the Federal Reserve is expected to raise interest rates by 0.75%. This is the largest rate hike in nearly three decades.
Bitcoin fell to a weekly low of around $21.83, down 4% in the past 24 hours. Ethereum, the second largest cryptocurrency, fell more than 5.5% to a value of $1,520.
Of the ten largest cryptocurrencies, Cardano has been hit the hardest. The coin fell nearly 6.5% in one day, followed by Solana (-4.35%), Dogecoin (-4.4%) and XRP (-4.15%).
The combined market cap of all cryptocurrencies, meanwhile, has fallen from $1.08 trillion last Wednesday to $1 trillion, data from CoinMarketCap.
The Federal Reserve meeting kicks off on Tuesday, so is expected to conclude with the US central bank raising interest rates by 0.75%.
Earlier this year, Federal Reserve officials raised interest rates on short-term loans by 1.5%. This included the 75 basis point increase in June, the largest increase in nearly three decades.
