Crypto Market Cap Drops Pending the Outcome of US Fed Meeting

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  • Crypto prices drop as the US Fed set to announce interest rate hike decision.
  • Bitcoin (BTC) has broken below the $19k support level.
  • Meme tokens also see their prices drop over the last day.

The entire crypto market is currently fighting bearish sentiment ahead of the highly-anticipated U.S. Fed outcome. It is expected that the central bank will announce at least another 75 basis point hike. With the meeting set to take place today, the two crypto market leaders battle it out with bearish sentiment to remain above key support levels.

At the time of writing, the crypto market tracking website, CoinMarketCap, shows that Bitcoin (BTC) and Ethereum (ETH) have seen their prices slip over the last 24 hours. Currently, BTC has failed to hold its $19k support and is trading at $18,848.66 after a 2.55 percent decrease in price over the last day.

Meanwhile, the largest altcoin by market cap, ETH, is trading at $1,325.34 after a 2.28 percent decrease in the same time period. Both BTC and ETH are down for the week by 6.96 percent and 17.57 percent respectively.

Looking at the meme tokens, Dogecoin (DOGE) and Shiba Inu (SHIB), the sluggish price performance seen with the two market leaders is carried over. SHIB’s price has fallen 4.27 percent – taking its price to $0.00001045 at the time of writing.

Similarly, DOGE’s price has dropped but by a smaller margin of 0.32 percent. This is after an introduction of sell volume over the past hour that has pushed its price down by 1.91 percent. As a result, DOGE is now trading at $0.05829.

As per some media reports, another rate hike will be on the table in today’s Fed meeting – keeping crypto investors on their toes.

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