#USConsumerConfidence

The collapse of the cryptocurrency market today can be attributed to a combination of economic factors and breaking news. Investors' fears were heightened ahead of the U.S. Federal Reserve's (FOMC) meeting, with expectations of interest rate hikes making speculative assets like cryptocurrencies less attractive. Additionally, news about a new Chinese AI app competing with ChatGPT raised concerns about the value of U.S. stocks, which in turn affected stock markets worldwide, spilling over to the crypto market. Major cryptocurrencies like Bitcoin, Ethereum, and Ripple experienced significant drops at the start of trading today.$BTC