Cryptocurrencies sharply tumbled on Wednesday as rising geopolitical risks captivated investors' attention after the conclusion of the July Federal Reserve meeting.

Bitcoin (BTC) dropped to $64,500 from around the $66,500 level where it traded following Federal Reserve Chair Jerome Powell's press conference, and was down more than 2% over the past 24 hours. Altcoin majors including ether (ETH), solana (SOL), Avalanche's AVAX (AVAX) and Cardano (ADA) also declined, while Ripple's XRP saved some of the gains from earlier today. The broad-market crypto benchmark CoinDesk 20 Index was 0.8% lower than 24 hours ago.