7/25/2022, 4:50 PM (Source: TeleTrader)
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Cryptos plunge as Fed meeting looms

The prices of cryptocurrencies tumbled on Monday, as the Federal Reserve's July meeting approaches, with investors waiting for the central bank's latest decision on interest rates, as well as hints for the future course of monetary policy.

The Federal Reserve is most likely to be aiming for a 75-basis point rate hike, which possibly drove traders away from the riskier assets, such as the virtual currencies.

Bitcoin declined 3.29% at 10:50 am ET, selling for $21,843, while Ether plummeted 4.82% to go for $1,520.92 at the same time.

Baha Breaking News (BBN) / AY