First Mover Asia: Bitcoin, Ether Tumble Ahead of Federal Reserve Meeting

An expected interest rate hike could spook investors away from higher-risk assets; the top 20 altcoins by market capitalization were firmly in the red.
Bitcoin fell by more than 7% on Monday, the biggest daily percentage drop since Dec. 4, as stocks in the U.S. also declined ahead of a Federal Reserve monetary policy decision later this week.

The Fed is expected to release its decision on Wednesday on whether it will move faster to wind down its bond purchases and signal it will start raising interest rates next year.

While a low-interest-rate environment has sent both stock and crypto markets skyrocketing this year, a rate hike and ending easy-money policies more quickly could, however, turn the market in a bearish direction.