The cryptocurrency market is experiencing a challenging day marked by continuous selling off. The total market capitalization of cryptocurrencies has declined by 5.94% in the past 24 hours and currently stands at $2.21 trillion, according to CoinMarketCap data. Furthermore, the Crypto Fear and Greed Index has shifted from greedy to neutral territory for the first time since January 2024.

The bearish trends on Tuesday are evident across the board, with every coin in the top 100 exhibiting negative performance over the past 24 hours. Cosmos (ATOM) is the best-performing token among the top 100, gaining 1.98%. This is followed by Tron (TRX), which increased 0.76%. Unus Sed Leo (LEO) rounds up the top gainers in the top 100, and is up 0.23%. Most of the 100 most valuable cryptocurrencies by market capitalization are currently recording losses, with Stacks (STX) being the worst performer, down 16.88% in the last 24 hours.

Bitcoin (BTC), the leading cryptocurrency, is also facing downward pressure. The coin is currently trading at around $59,897, reflecting a 6.11% loss in the past 24 hours and a 10% decrease over the last 7 days. Data from CoinGlass reveals that over the past 24 hours, more than $261 million worth of long positions in all cryptocurrencies have been liquidated. When considering short positions as well, the total liquidations amount to over $324 million.

The crypto market's performance is closely tied to global trends, as most international markets are also experiencing declines today. Several factors contribute to this, including concerns about the upcoming interest rate decision by the US Federal Reserve, uncertainty surrounding corporate earnings, and anticipation of significant macroeconomic events.

Investors are closely monitoring the Federal Reserve's stance on interest rates, with the central bank currently in the midst of a two-day monetary policy meeting. The decision and subsequent press conference are scheduled for tomorrow.

Looking ahead, updated inflation metrics and the release of the next US jobs report will play significant roles in influencing market sentiment. Additionally, nearly 200 companies in the S&P 500 are expected to report their financial results this week. Notably, April has been the only bearish month for the S&P 500 since October 2023.