Crypto markets are anxiously awaiting news on policy, even as the Fed meeting holding today will begin discussions at 2 pm Eastern time. And with the discussions expected to be centered around inflation, interest rates, as well as purchase tapering, crypto markets are all running already, despite all the uncertainties.
Cryptocurrencies Under Pressure Ahead of Fed Meeting
Per data from MarketWatch, Bitcoin, BTCUSD, -2.67% has dipped more than 30% from its November all-time high of $68,000, presently trading at $47,001 at press time. Ether, ETHUSD, -3.48% is also down by more than 20% from its record high of $4,865.6, trading at $3,720 at the time of writing.
The shadow of uncertainty has not left out, the altcoin markets. In fact, the panic might even be more pronounced here.
Even Dogecoin (DOGE) that is still reeling from the publicity of TESLA, is down 9% on the day.
Interestingly, of all the top 10 cryptocurrencies by market capitalization, only Solana (SOL) is not in the red zone on daily timeframes.
Stock Markets Not Doing Any Better
Meanwhile, the U.S. stock market also seems to be under some sort of pressure ahead of the much anticipated Fed meeting. While the S&P 500 SPX, -0.20% was down 34 points, or 0.7%, at 4,634, the Dow Jones Industrial Average DJIA, 0.06% fell 83 points, or 0.2%, to 35,565 Tuesday afternoon. The S&P 500 SPX, -0.20% was down 34 points, or 0.7%, at 4,634. The Nasdaq Composite COMP, -0.85% has also dropped 177 points, or 1.2%, to 15,236.9.
The post Global Crypto Markets Enter Panic Mode Ahead of Fed Meeting Decisions appeared first on CoinGape.
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