27 JUL, 2022

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The crypto sector has once again been hit by bearish sentiments and the crypto assets including Bitcoin and Ethereum has taken a big hit.

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Bitcoin price fell by about 3 % in the last 24 hours and is currently changing hands at $21,865.95 and is expected to stay below the 200 Weekly moving averages.

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The number two crypto asset also tanked by almost 5% and when last reports came in was trading at $1,526.

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As per data received from Santiment the number two crypto asset which has been on the rise after Ethereum Merge date declaration has ceased

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It is in a down turn and is expected to continue to tank in the coming days. Other major losers in the crypto sector are Solana, Avalanche, and Cosmos

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The upcoming FOMC meeting is fueling the bearish sentiments as the crypto sector waits with trepidation for the meeting which is going to happen on 27th July.

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The coming week is going to be very crucial for the crypto sector. The crypto sector could be in for more volatility.

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All eyes will be on the FOMC meeting on the 26th and 27th of July where the Fed’s monetary policymaking body and will make its decision on interest rate hikes.

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The previous instance when the interest rate was hiked by 75bps it upset the crypto market and it crashed.

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As per CME FedWatch Tool there is a 78.7% chance of a 75bps hike and a 21.3% chance of a 100bps hike.

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