Altcoins slid sharply Tuesday as traders braced for a wave of economic events, including a Federal Reserve interest rate decision due Wednesday.
Leading the pack are XRP, solana (SOL) and cardano (ADA) which all fell more than 3% over the past 24 hours as well as dogecoin (DOGE), avalanche (AVAX) and sui (SUI) which are down more than 5%.
The continuing sell-off has dragged XRP and SOL down about 13% over the past seven days. DOGE plunged even further, about 18% over the same period.
Bitcoin (BTC), on the other hand, is trading roughly flat over the past 24 hours at $117,312.
Altcoins have been under pressure since early last week as traders piled into leveraged bets. A packed calendar of economic data is adding stress to both crypto and equity markets.
The U.S. Federal Reserve’s two-day meeting kicked off Tuesday with Jerome Powell’s team expected to leave rates unchanged yet again on Wednesday, despite pressure from President Donald Trump to lower rates.
Traders are also looking to Friday, when a fresh U.S. nonfarm payrolls report hits the market as well as a number of Trump tariff deadlines.
U.S. stocks wiped out earlier gains with both the Nasdaq and the S&P 500 now each modestly lower.