The Federal Reserve's decision to keep interest rates steady at 3.5%, 3.75% had an unexpected effect on cryptocurrency markets.
Although the move was in line with market expectations, the Fed's updated projections showed higher inflation forecasts and a slower pace of future rate cuts.
This hawkish tone sent shockwaves through financial markets, causing investors to pull money away from risk assets like crypto.
Bitcoin traded around $63,900, down 3% over 24 hours. Ether fell 3.4% to $1,733. XRP dropped 3.9% to $1.17, and Solana lost 3.6% to $71.
The only major cryptocurrency that managed to stay in the green was Tron, up 0.9%.