Why is Crypto Crashing – FOMC Meeting This Week, Best Coins to … – Cryptonews
The cryptocurrency market has fallen by 1.9% today, with its total cap dropping to $1.23 trillion in the past 24 hours as investors de-risk in anticipation of this week’s FOMC meeting.
The expectation is that the Federal Reserve will announce its 10th-consecutive rate hike when it meets on tomorrow and Wednesday, bringing its funds rate between 5% and 5.25%, its highest level since July 2007.
Crypto has responded to this expectation by falling more or less across the board, with Bitcoin (BTC) dropping by 2.5% in the past 24 hours, and with certain alts — including ETH, SOL and DOT — falling by 3% or more.
However, this market-wide decline provides traders with a good opportunity to buy at a discount, so here’s our roundup of the best coins to buy the dip, before prices begin recovering later in May.
Ethereum (ETH)
At $1,848, ETH has dropped by 3% in 24 hours and is down by 12% in the past fortnight, although it remains up by 54% since the start of 2023.
ETH’s indicators are…
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source: https://news.oneseocompany.com/2023/05/01/why-is-crypto-crashing-fomc-meeting-this-week-best-coins-to-cryptonews_2023050144262.html
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