*The obvious drop in the cryptocurrency market during the weekend has been attributed to the growing tensions between Russia and Ukraine, and the Federal Reserve, potentially calling an emergency meeting Monday, February 14

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The rising tensions in Russia and a surprise Federal Reserve meeting were having a big impact on the cryptocurrency market during this weekend, according to report.

It was gathered the cryptocurrency market started dropping Friday, February 11, 2022, but the sell-off hit a peak early Saturday, as investors tried to digest a number of macro news items that could impact all markets around the world.

The most pressing concern is rising tension between Russia and Ukraine, and the Federal Reserve potentially calling an emergency meeting for Monday, said The Motley Fool.

As of 1:40 p.m. ET, Bitcoin (Crypto:BTC) was down 1.1% in the last 24 hours but had fallen as much as 3.4% earlier in the day.

Also, Ethereum (Crypto:ETH) was down 3.5% but fell as much as 6.7% in 24 hours, with a 13% gap from its Thursday peak to its Saturday low.

Dogecoin (Crypto:DOGE) is down 3.4% in the last 24 hours, but like Ethereum was down 17% from its peak earlier in the week to the lows of this morning.

Further still, the biggest concern for crypto investors and the stock market late Friday reportedly resylted from the increasing tensions between Russia, Ukraine, and how United States President Joe Biden urged Americans to leave Ukraine immediately.

The US President noted that Russia鈥檚 invasion could happen at any time.

Russia has been placing troops near the border and the concern is that an invitation will lead to a broader conflict with the US and Europe, agency report stated.

By implication, any uncertainty around the situation will cause investors to sell risky assets, such as cryptocurrencies and stocks, which is a big reason the market is down right now.

On the policy front, the Federal Reserve has an emergency meeting Monday, February 13 to discuss interest rates, following a 40-year high inflation rate of 7.5% reported last week. Based on the market’s reaction, investors are expecting a short-term rate hike as early as Monday in order contain inflation.

Higher rates would make lower-risk assets like bonds more attractive for investors, potentially pushing money out of higher-risk assets like cryptocurrencies, report said.

Higher rates certainly aren’t a surprise in 2022, but investors may have thought increases were coming later in the year.

Now, it seems like the Federal Reserve will be pushing up that timeframe before inflation gets out of control.

It is noted the cryptocurrency crash over the last day and a half has been more of a macro market move rather than anything to be concerned about for Bitcoin, Ethereum, or Dogecoin specifically.

However, as they are highly volatile assets, it is not surprising that these digital coins magnified the stock market’s move lower last Friday, report said.

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