Why is the crypto market down today? By Cointelegraph

US mulls more support for banks while giving First Republic time - Bloomberg News

Why is the crypto market down today?

Cryptocurrency Feb 01, 2023 02:20PM ET

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CME

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The crypto market is down today, as market volatility increases ahead of the Feb. 1 post-Federal Open Market Committee (FOMC) presser where Fed Chairman Jerome Powell will talk about the upcoming interest rate hike and his views on the United States economy.

After jumping to new highs for 2023, Bitcoin (BTC), which pumped 43% in January, and Ether (ETH) retraced a portion of their recent gains. The primary downside catalyst appears to be investors’ apprehension over the upcoming FOMC decision on interest rates and similar pullbacks are also being seen across the stock market which is down. The uncertain FOMC decision brought Bitcoin down to the second-best January on record.

Cryptocurrency market performance, daily timeframe: Coin360

Global economic health. Source: U.S. Bank

Interest rate probabilities. Source: CME Group (NASDAQ:CME)

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