Crypto Markets Plummet Amid US Rate Hike Fears

Cryptocurrency prices took a hit on Tuesday as investors grew anxious about a potential US interest rate hike.

The Federal Reserve is set to announce its decision tomorrow, and while markets expect rates to remain unchanged, there's still uncertainty in the air.

Citadel Securities believes that the Fed may surprise markets with a 25-basis-point rate hike, which would strengthen Chairman Kevin Warsh's credibility in combating inflation.

In response to these concerns, Bitcoin fell over 2% to its lowest level in 11 days, while Ethereum dropped more than 3%.