Ethereum tumbles over 5% amid mixed risk appetite

Most cryptocurrencies fell on Monday amid mixed demand on high-risk assets ahead of the Federal Reserve’s policy meeting this week. 

After the release of earnings results by Tesla, Alphabet, and Microsoft last week, investors now await fresh results from other major tech companies, including Apple this week. 

Major US stock indices spiked last week, buoyed in particular by the stocks of major tech companies. 

Traders will also focus on the major event of the week, which is the Federal Reserve’s policy meeting, expected to maintain interest rates unchanged. 

Recent US inflation and growth data indicate the Fed will maintain interest rates for most of the year, with barely a single rate cut expected this year. 

High interest rates sap liquidity from the market and pressures all assets, including cryptocurrencies. 

Ethereum 

Ethereum slid 5.3% as of 19:53 GMT at CoinMarketCap to $3168.7. 

Ripple

Ripple fell 1.1% as of 19:53 GMT at the CoinMarketCap to $0.5153. 

Solana 

Solana tumbled 6.4% at the same platform to $134.5.