Cryptocurrencies Fall Ahead of Fed Decision, Bitcoin Drops to $65,177
Major cryptocurrencies are retreating from recent gains ahead of the Fed's rate decision and guidance.
Bitcoin fell 0.9% to $65,177; Ethereum fell 2.1% to $1,758; XRP fell 1.8% to $1.20; Solana fell 1.7% to $72.78.
Traders remain cautious ahead of the announcement later today, with comments from Fed Chair Kevin Warsh likely to move markets.
Konstantinos Chrysikos of Kudotrade said in a report: "While the market expects rates to remain unchanged, any sign that policymakers are more focused on inflation could push yields higher and increase pressure on risk assets like Bitcoin."
