Cryptocurrency 19 minutes ago (Feb 01, 2023 02:20PM ET)

Why is the crypto market down today?

The crypto market is down today, as market volatility increases ahead of the Feb. 1 post-Federal Open Market Committee (FOMC) presser where Fed Chairman Jerome Powell will talk about the upcoming interest rate hike and his views on the United States economy.

After jumping to new highs for 2023, (BTC), which pumped 43% in January, and Ether (ETH) retraced a portion of their recent gains. The primary downside catalyst appears to be investors’ apprehension over the upcoming FOMC decision on interest rates and similar pullbacks are also being seen across the stock market which is down. The uncertain FOMC decision brought Bitcoin down to the second-best January on record.

Cryptocurrency market performance, daily timeframe: Coin360
Global economic health. Source: U.S. Bank
Interest rate probabilities. Source: CME Group (NASDAQ:)

Continue Reading on Coin Telegraph


Please enter your comment!
Please enter your name here