Bitcoin Tumbles Below $64K as Global Risk Selloff Hits Cryptocurrency Market

Cryptocurrency prices plummeted on Tuesday as investors turned cautious ahead of the Federal Reserve's policy decision and a technology-led selloff in Asian markets weighed on riskier assets. Bitcoin fell to near $63,400, down about 2.8% over the previous 24 hours, while Ethereum suffered heavier losses, dropping around 4.1% to approximately $1,883.

The total value of the cryptocurrency market declined by around 2.4% to roughly $2.17 trillion as losses spread across most major digital assets. The Asian market rout also impacted the crypto market, with South Korea's Kospi plunging by around 10%, and Japan and Taiwan suffering steep losses.

The sharp decline in Bitcoin was less severe than that of several major altcoins, with Ethereum falling more than 4% to $1,883. The ETH-to-Bitcoin exchange rate also declined by more than 3%, indicating that Ethereum was losing value not only against the dollar but also relative to Bitcoin.

Investors were reluctant to take large positions before the Federal Reserve concludes its monetary-policy meeting, and expectations of a restrictive policy stance limited demand for Bitcoin. The cryptocurrency has repeatedly struggled to maintain gains above $65,000, with each attempted recovery attracting renewed selling pressure.