Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Cryptocurrency prices resumed their downward trend on Tuesday as market participants awaited the second Federal Reserve interest rate decision of the year.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Pi Network, the viral tap-to-earn token, was one of the worst performers, dropping by almost 13%. JasmyCoin dropped by 6%, while Litecoin and Ethena fell by over 5%. The total market cap of all cryptocurrencies fell 1.70% to $2.7 trillion, wiping out more than $1 trillion in value over the past few months. Total liquidations in the last 24 hours climbed to over $227 million. The crypto sell-off coincided with a stock market downturn. The Dow Jones index dropped 410 points, while the tech-heavy Nasdaq 100 fell 350 points. Top blue-chip stocks like NVIDIA, Tesla, Microsoft, and Apple each dropped by over 1%.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

The ongoing crypto and stock market crash is because the market is adjusting to the upcoming Federal Reserve or FOMC interest rate decision. It has already started its two-day meeting, with the final decision expected on Wednesday. The Fed is expected to leave interest rates unchanged at 4.50%. However, traders will closely watch the quarterly dot plot, which provides clues about the timing of the next rate cut.