Why is the crypto market down today?

The crypto market is down today, as market volatility increases ahead of the Feb. 1 Federal Open Market Committee (FOMC) meeting and a slew of negative news events weigh on Bitcoin, Ether and altcoin prices. After jumping to new highs for 2023, Bitcoin (BTC) and Ether (ETH) retraced a portion of their recent gains.The primary downside catalyst appears to be…