The price of Bitcoin, Ethereum, and other major cryptocurrencies slumped on Monday as the Federal Reserve is expected to increase its benchmark interest rate by 0.75%, the largest hike in nearly three decades.
At the time of writing, Bitcoin slid to a weekly low of about $21,935, down 2.8% over the past 24 hours, with Ethereum, the market’s second-largest cryptocurrency, shedding nearly 5% for the day to the current value of $1,528.
Among the ten largest crypto assets, Cardano is the heaviest hit with a drop of almost 7% over the day, followed by Solana (-4.35%), Dogecoin (-4.4%), and XRP (-4.15%).
The combined market capitalization of all cryptocurrencies has meanwhile dropped from $1.08 trillion last Wednesday to $1 trillion by press time, according to data provided by CoinMarketCap.
The latest price action comes ahead of the two-day long Federal Reserve meeting kicking off on Tuesday, which is expected to be wrapped up with the U.S. central bank raising interest rates by another...
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