Ethereum drops 7% amid wider crypto sell-off as traders assess rate uncertainty
Ethereum dropped as much as 7% on Wednesday amid a broader crypto market sell-off as traders navigate a murky environment.Meanwhile, altcoins are taking hits too, with solana and polygon down 8% and 5%, respectively.
The Federal Reserve has consistently hiked rates for over a year to combat decades-high inflation, and it is widely expected to raise rates by another 25 basis points next month. "After last month's shock CPI reading, today's print still shows double-digit inflation," Giles Coghlan, chief market analyst at financial services firm HYCM, told Insider in a statement."This is a sign that inflation is not yet back on track and the longed-for decline towards pre-Covid levels is not quite there."
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