Bitcoin fell nearly 2% to around $79,800 in early Monday Asian trading, Ethereum dropped almost 3% to above $2,300, and XRP declined about 3% to $1.28, as traders avoided risk ahead of the Federal Reserve meeting and AI-related stocks stumbled again in Asian markets. Goldman Sachs has cut its 12-month target for South Korea's KOSPI index by 25%.

Jeff Mei, COO of crypto exchange BTSE, stated that the market is focused on the Federal Reserve meeting, with no rate hike expected this week, but will closely monitor Chairman Warsh's hints about a December rate hike. He noted that given record-high oil prices, escalating US-Iran conflict, and inflation, the Federal Reserve might adopt a hawkish stance, implying higher interest rates and less market liquidity.

The Federal Reserve will announce its interest rate decision on Wednesday, and the market will be watching Chairman Warsh's remarks at the press conference. In terms of oil prices, Brent crude fell 2% from a six-month high to about $114/barrel after US President Donald Trump said it was time to decide whether to strike a deal with Iran or resume attacks.