ICP Price Drops Amid Broader Crypto Selloff Following Hawkish Fed

The price of Internet Computer (ICP) dropped by 3.68% over the last 9 hours, but this decline is not unique to ICP.

According to CoinMarketCap, the broader crypto market is experiencing a selloff following the Federal Reserve's indication that interest rates may remain higher for longer.

The Fed's hawkish stance and comments from Chair Kevin Warsh triggered a 'risk-off' reaction in crypto markets, with over $400 million of leveraged positions being liquidated.

IICP is down about 10% over 24 hours, but this decline is consistent with the overall market trend. The altcoin market cap fell around 2.7%, and nearly 60 of the top 100 coins lost more than 1% overnight.