Ahead of Federal reserve Meeting, Crypto Market Tumbles
The crypto market tumbled here today with the investors being sceptical of interest rate hike ahead of the Federal Reserve meeting for curbing inflation that is to be held on Wednesday. Bitcoin fell by almost 7% to a low or around $46,500 and Ethereum fell around 9%.
The crypto industry has been struggling to regain momentum as Bitcoin hovers around $46,000 to $50,000 range with falling to around $46,500 on Monday to reach the lowest price since December 4th. The fall has been seen due to the Federal Reserve meeting that is to be held on Wednesday. It is expected that the Fed will take a decision on increasing the interest rate starting from next year to curb inflation.
It was seen throughout the year that due to low interest rate and free money, the people were heavily investing in the crypto market and with the increase in the interest rates the free money will be curbed and thus, it can put the crypto market into a bearish down trend. The market is expected to remain down until a decision is made in the meeting and the fate of the crypto process will highly depend upon the decision.
With the fall in price of Bitcoin, the altcoins including Ethereum are down over 10% and the complete market is in red risking breaking the support levels further down.
Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investment.
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