Crypto Market Selloffs Gain Momentum Ahead of Fed Decision

The cryptocurrency market is experiencing broad sell-offs, with Bitcoin (BTC) trading near $75,000. Ethereum (ETH) holds below its support-turned-resistance level of $2,400 and remains structurally resilient. Ripple (XRP), however, is struggling to gain momentum, stuck below $1.30.

The Federal Reserve's upcoming interest rate decision on Wednesday has injected uncertainty into the market. With a 92.5% chance of a rate hike, investors are bracing for tighter monetary policy, which could weigh on risk assets.

Michael Ho, Co-Founder of D3, expressed disappointment over the failure of the Crypto Finance team's CLARITY Act to pass the Senate vote on Tuesday. This setback has added another layer of uncertainty, further weighing on sentiment.