Crypto Markets Weaken Ahead of Fed Rate Decision

Crypto markets weakened ahead of the Fed's decision to raise interest rates. The Bitcoin price fell about 3% in 24 hours, while Ethereum dropped by 4-5%. Major tokens remain under pressure.

The decline accelerated as traders closed long positions, with nearly $121.6 million worth of Bitcoin longs liquidated on Sept. 15 alone - around 85% of all BTC futures liquidations.

The drop in BTC price is triggered by two primary factors: the US FOMC meeting and the U.S. regulatory environment.

Market expectations place a 25-basis-point hike at nearly 90-93%, with risk assets such as cryptocurrencies under pressure due to rising Treasury yields and high oil prices.