Crypto Market Volatility Gripped by Fed Rate Hike Expectations and CLARITY Act Vote
The crypto market is experiencing volatility as investors wait for key events this week. The US Federal Reserve will decide on its monetary policy plans, with markets already betting on a potential 25 bps rate hike.
US President Donald Trump has extended his support for the Fed rate decision, stating that he fully respects Fed Chair Kevin Warsh's independence. This has fueled discussions in the crypto market, where traders are also waiting for the Senate Vote on the CLARITY Act.
Crypto market participants appear to be cautious ahead of these events, with the global crypto market cap falling more than 2% to $2.6 trillion and BTC price dropping over 3% to below $76,000. Wall Street financial firms have also warned that US PCE inflation may come in hotter than expected.