It has been a season of sell-offs in the fast-evolving market. According to CoinMarketCap, the combined market capitalization of all cryptocurrencies has fallen below a trillion dollars, indicating that the market is firmly immersed in “crypto winter.”
Bitcoin was trading around $23,200 at press time, down 16% for the day. Ether (ETH), the Ethereum blockchain’s native cryptocurrency, fell 18% to $1,222.
The next two-day Federal Reserve monetary policy meeting begins today and concludes on Wednesday with a statement and press conference by Chair Jerome Powell.
What you should know
- The latest drop came when the huge crypto lender Celsius, which claimed to possess at least 150,000 bitcoin worth $3.5 billion at current values as recently as April, ceased withdrawals. (Another cryptocurrency company, Nexo, has expressed interest in purchasing part of the platform’s assets.)
