Crypto Market Sinks 3.24% Ahead of Fed Decision

The cryptocurrency market experienced a decline of 3.24% to $2.17 trillion on July 28, as investors reduced their exposure before the Federal Reserve's policy decision.

The Bitcoin price fell below $64,000, while Ethereum, XRP, and Solana prices dropped even further, by 4.25%, 4.59%, and 4% respectively.

The South Korean KOSPI plummeted severely, leading to a global risk-off sentiment that impacted digital assets. The Crypto Fear & Greed Index also showed a 'fear' sentiment in the market.

The Federal Reserve's announcement on July 29 was a major factor in the market's decline, with investors liquidating their positions before the policy decision. Traders were concerned about a hawkish message from policymakers, which could lead to higher interest rates and restrictive policy language.