India, June 17 -- Cryptocurrencies declined in the past 24 hours amidst growing anxiety about the Federal Reserve's monetary policy outlook. The decision of the first FOMC under the leadership of Kevin Warsh would be known on Wednesday afternoon. Markets expect the Fed to hold rates steady but are less sure about the forward guidance on rates.
BTC traded between $66,410 and $64,506 in the past 24 hours. Overall crypto market capitalization decreased a little less than 2 percent during the same period to $2.23 trillion.
The CME FedWatch tool that tracks the expectations of interest rate traders shows the likelihood of the Federal Reserve retaining the target rate at the current level of 3.50-3.75 percent on Wednesday at 99.6 percent.
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