The cryptocurrency market was dumped en masse on fears over what the Federal Reserve’s next interest-rate decision may be, which saw more than $200 million of crypto market value liquidated in just 15 minutes.

The abrupt move came amid yet another shift in expectations for US monetary policy, as the prospect of the Federal Reserve raising its benchmark interest rate moved back to center stage for markets, putting pressure on risk-sensitive markets including cryptocurrencies. Cryptos tend to be sensitive to changes in liquidity expectations and borrowing costs, and were forcefully repriced lower.

The latest volatility is seen as a sign that investors are still divided about the Fed’s September…