Crypto Market Update: Bitcoin Slides Below $29,200 Ahead of Fed Meeting; XRP and Solana Witness 5% Losses. The cryptocurrency markets experienced a significant downturn on Tuesday, in anticipation of the US Federal Reserve's upcoming monetary policy decision.
Bitcoin (BTC) witnessed a 2.24% decline, with its price dropping to $29,120, while Ethereum (ETH) hovered just above the $1,850 mark. Notably, BTC's trading volume reached approximately $14.6 billion, marking a substantial 45.6% increase in the last 24 hours.
According to CoinDCX Research Team, "Bitcoin (BTC) volatility has reached its lowest point in a year as investors await the Federal Open Market Committee (FOMC) meeting scheduled for this week. The 30-day volatility estimate for BTC has plummeted to a mere 0.74%, the lowest since January 16, 2023."
The FOMC is anticipated to raise interest rates by 25 basis points during the meeting, with expectations that this might be the last rate hike by the Federal Reserve in the foreseeable future.
Several other prominent crypto tokens also experienced losses on Tuesday, including XRP, Cardano, Litecoin, Polygon, and Solana. Simultaneously, the global cryptocurrency market cap decreased to approximately $1.17 trillion, representing a 1.85% decline in the last 24 hours.
In the decentralized finance (DeFi) sector, the total volume currently stands at $2.51 billion, accounting for 7.33% of the total crypto market's 24-hour volume. Additionally, all stablecoins' volume now amounts to $30.82 billion, comprising 90.2% of the total crypto market's 24-hour volume.
Bitcoin, being the largest cryptocurrency globally, possesses a market cap of around $566 billion. Nevertheless, its dominance has slightly decreased to 48.41%, with a 0.18% dip over the day, as reported by CoinMarketCap.
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