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Bitcoin has suffered a sharp decline in value following the US Federal Reserve’s interest rate decision. The cryptocurrency, which had recently broken its all-time high above $108,000, has tumbled to around $100,000, a significant drop that puts it squarely within a key zone where bears have historically dominated bulls.
As markets react to the Fed’s announcement, many investors are growing increasingly anxious about the potential implications on risk assets and the overall market sentiment. According to Santiment, a market intelligence platform, the move in Bitcoin and other cryptocurrencies is closely tied to the performance of traditional equities.
“The US Fed has taken the expected action of cutting interest rates by 25bps,” Santiment reported. “However, the cuts came with a hint of cautiousness by Jerome Powell. His hinting of only a 50bps cut through 2025 is only half of what the public had been expecting prior to today’s FOMC meeting.”
This unexpected twist has led to widespread selling across various asset classes, including cryptocurrencies like Bitcoin and its rivals Ethereum (ETH) and Ripple (XRP). ETH fell by as much as 6% to $3,712, while XRP plummeted a staggering 10% to $2.36.
In response to the market volatility, many traders have been taking profits from their positions in these volatile markets, which has further exacerbated the downward pressure on prices.
Source: coinjournal.net
