The price of bitcoin dropped sharply late Sunday night as investors began shedding risk amid an equity markets decline.
Investors are also focused on the the Federal Reserve and whether it will signal its readiness to start removing monetary stimulus from the economy. The central bank will begin its two-day meeting Tuesday.
The crypto decline comes as uncertainty about the regulation of stablecoins intensifies. The Financial Stability Oversight Council could designate them as systemically risky, the New York Times reported over the weekend, which could subject them and their operators to heavy regulation. The President's Working Group on Financial Markets is working up a report on stablecoins and the Fed is expected to put out a report on central bank digital currencies this month that could touch on stablecoin risks.
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