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Bitcoin Slips After Fed’s Interest Rate Decision
The 2024 BTC price has taken a sharp downturn in recent days, dropping significantly to further distance itself from the all-time high above $108. As of today, the digital currency is trading near the key zone where bears have previously dominated bulls.
This sudden decline can be attributed to the US Federal Reserve’s decision to cut interest rates by 25bps. However, Jerome Powell’s hinting at only a 50bps cut through 2025 was less than expected by the public prior to the FOMC meeting.
Market intelligence platform Santiment has weighed in on the situation, stating that “under these conditions, we are seeing big drops throughout multiple sectors. With Bitcoin and crypto being closely tied to the S&P 500 and other equities markets, prices have retraced on this news.”
Other top coins followed suit, with ETH dipping by a significant 6% to $3,712 and XRP plummeting by an astonishing 10% to $2.36.
Bitcoin’s slide has seen it fall significantly in recent trading hours, with many analysts and market observers concerned about the short-term impact on the wider crypto market.
It remains to be seen how investors will react to this shift in sentiment and whether the Fed’s cautious approach to interest rate cuts will have any lasting impact on the value of cryptocurrencies like Bitcoin.
Source: coinjournal.net
