Major coins fell lower Tuesday night as the global cryptocurrency market cap fell 2.5% to $921.9 billion as of 8:18 p.m. EDT.

Price development of major coins
coin 24 hours 7 days Price
Bitcoin BTC/USD -3.15% -6.3% $18,935.15
ether ETH/USD -3.5% -15.7% $1,328.70
Dogecoins DOGE/USD 0.2% -2% $0.06

Top 24-hour Gainers (data from CoinMarketCap)
cryptocurrency 24-hour % change (+/-) Price
XRP (XRP) +6.35% $0.41
helium (HNT) +5.5% $4.89
Stellar (XLM) +5% $0.12

See also: Best USDC Interest Rates

Why it matters: Bitcoin and Ethereum were trading lower prior to the Federal Committee of the Free Market (FOMC) meeting due Wednesday.

On Tuesday, the S&P 500 and Nasdaq closed down 1.1% and 0.95%, respectively, while US stock futures were marginally higher at the time of writing.

The probability of a 75 basis point rate hike was 82% according to the CME FedWatch tool – a signal that investors can expect a hawkish move from the US Federal Reserve at the end of the FOMC meeting.

Screenshot of CME Group’s Fedwatch tool

“The Fed begins its two-day monetary policy meeting and while 75 basis points is widely expected, the Fed Chair’s key message [Jerome Powell] rates could stay elevated much longer than the market expects,” he said Edward Moyaa senior market analyst at OANDA.

Speaking on Bitcoin, Moya said: “The fate of Bitcoin will be determined by fireworks from this week’s central bank decisions, which could help fuel sell-offs to retest summer lows. The peak of pessimism is almost here for crypto, which is needed before longer-term money starts piling up again.”

Justin Bennett tweeted on Tuesday that the total market cap chart at the FOMC didn’t look the “best”.

“Reclaim would be bullish, but this $913 billion area is resistance [the total market capitalization] from now on,” said the dealer.


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