Crypto Market Plunges Amid Fed Rate Hike Expectations and CLARITY Act Delay

The cryptocurrency market has experienced a significant decline over the past 24 hours, dropping to $2.24 trillion from its previous value.

Bitcoin led the decline with a drop of 2.7% to $63,400, while Ethereum fell by more than 3.2% to $1,874.

The sell-off is attributed to several key factors, including surging expectations for a Federal Reserve rate hike and the postponement of the CLARITY Act in the US Senate.

Investors are becoming increasingly cautious due to the uncertainty surrounding interest rates and the decline in technology stocks, with Nvidia shares dropping around 5%.