Why is crypto down today?

The global cryptocurrency market cap has dropped by another 0.3%, now at $2.72 trillion. CORE saw the biggest decline, falling 6.3% to $1.69. Render (RNDR) also dropped 5.1% to $10.58. Other coins decreased by less than 4.5%.

Bittensor (TAO) increased the most, rising 11.3% to $477.61, making it the only top 100 coin with a double-digit gain. SAFE and JasmyCoin (JASMY) both rose 6.4%, reaching $2.45 and $0.02197, respectively.

Among the top 10 coins by market cap, only three saw gains today. Toncoin (TON) appreciated the most, up 2.2% to $6.45, while Ethereum (ETH) and Lido Staked Ether (STETH) each rose 1.15% to $3,790. Solana (SOL) experienced the largest drop among them, falling 1.5% to $177.76. Bitcoin (BTC) fell 0.3% to $69,590.

Meanwhile, US Federal Reserve officials voiced increasing concerns about inflation. The Federal Open Market Committee kept the short-term borrowing rate in the 5.25%-5.5% range, a 23-year high.