The selloff in bitcoin mirrored the drop in U.S. equity markets in Tuesday’s trading session, and bitcoin miners are getting hit particularly hard.

The U.S. Federal Reserve kicked off its two-day policy meeting, which will conclude Wednesday afternoon with a press conference from Fed Chairman Jerome Powell. Expectations have lessened in recent weeks regarding the possibility of the Fed cutting interest rates on Wednesday or even this year.

“We see diminished prospects for easing this year, and now expect the first Fed cut only in November,” JPMorgan equity strategist Marko Kolanovic wrote following last week’s stronger-than-expected May jobs report.

The drop in bitcoin has accelerated as trading continues, with the world’s largest crypto by market cap down 5.5% to $66,196.38 over the …