The crypto market has dropped 2.8% in the past 24 hours to $2.24 trillion, with major cryptocurrencies leading the decline. Bitcoin fell around 2.7% to $63,400, while Ethereum dropped more than 3.2% to $1,874.

It’s not just the crypto market. Stocks are also facing heavy selling. South Korea’s tech-heavy KOSPI index plunged 10%, while Nvidia shares dropped around 5%.

Here are the key reasons why the crypto and stock markets are falling today.

Surging Fed Rate Hike Expectations

One of the biggest reasons is the upcoming FOMC meeting. Traders are becoming more worried that the Federal Reserve could raise interest rates instead of keeping them unchanged.

On the CME Fed Watch tool, the odds of a 25-basis-point hike have climbed to around…