The crypto market lost more than $100 billion in value over the past 24 hours as bitcoin and major altcoins retreated alongside a broader pullback across global markets.

Bitcoin fell about 5% on Wednesday to trade below $71,000 after briefly tapping $76,000 the day before, according to The Block’s price data. Other major tokens posted steeper declines, with Ethereum (blue line), Solana (green line), and Dogecoin each down between 5% and 6%.

The GMCI 30, which tracks the top 30 largest cryptocurrencies by market cap, was down about 5%, bringing its year-to-date drop to 21%.

Much of the decline unfolded ahead of Wednesday's Federal Reserve policy decision, which had been widely expected to leave interest rates unchanged.

The Federal Open Market Committee ultimately held the federal funds rate steady at 3.5% to 3.75%, a move markets had largely priced in. Futures traders had assigned more than a 99% probability to a pause ahead of the meeting, according to CME FedWatch data.

Federal Reserve Chair Jerome Powell said inflation remains "somewhat elevated" and warned that the economic outlook remains uncertain, citing the potential inflationary impact of rising energy prices linked to tensions in the Middle East.

He added that higher energy prices from supply disruptions could push inflation higher in the near term, though the Fed remains focused on bringing price growth sustainably back toward its 2% target.

Risk assets weaken

Risk assets more broadly weakened as investors digested the Fed’s outlook. The S&P 500 extended its recent slide, falling toward a four-month low. Commodities also moved lower as gold fell about 3% to around $4,850, while silver dropped roughly 4% to a one-month low near $75.

Analysts had already warned that crypto markets were entering the Fed decision with fragile momentum. QCP Capital said earlier Wednesday that bitcoin’s direction was being driven "more by macro than by crypto-native catalysts."

Derivatives positioning had also expanded in recent weeks, raising the risk of volatility if macro conditions deteriorate. Elevated open interest alongside uneven ETF inflows has left the market sensitive to shifts in risk sentiment, analysts said.

"With oil still high and geopolitics unresolved, the concern is that any hint of policy caution tightens the risk budget again," said Samuel Leyne, co-head of crypto trading at Marex. "That’s when rallies that look strong on the chart can get clipped."