Crypto Markets Slide Amid Expectations of Fed Rate Hikes

September has seen a downturn in cryptocurrency markets and traditional assets, according to recent data. Dogecoin cofounder Billy Markus commented on this typical seasonal decline, noting that historically, September is a weak month for both Bitcoin and the S&P 500.

The sell-off reflects widespread selling pressure influenced by expectations of Federal Reserve rate hikes. Over $361 million in crypto positions were liquidated recently, with major cryptocurrencies like Bitcoin and Ethereum experiencing notable losses.

Bitcoin dropped 1.78% to $76,678, while Ethereum fell 3.26% to $2,378.53. Other tokens such as XRP, Solana, and Zcash also saw significant declines.