Crypto fell today for a reason that had nothing to do with blockchain technology or digital assets specifically. The Federal Reserve held its first meeting under new chair Kevin Warsh and delivered a message that rattled every market simultaneously. He said, going forward, investors are largely on their own when it comes to reading where interest rates are headed.

Bitcoin dropped to $64,535, Ethereum slipped to $1,751 and XRP fell to $1.18. The selling was calm but consistent across the board. The crypto market cap is also down by 1.61%.

The Fed Just Changed the Rules

Under Jerome Powell, the Fed operated with a philosophy of radical transparency. Markets received dot plots, detailed policy statements, regular press conferences and…