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Bitcoin slipped sharply on Wednesday, further distancing itself from its recent all-time high above $108 as a consequence of the US Federal Reserve’s unexpected hint at more cautious interest rate cuts in 2025.
The cryptocurrency, which was trading near $100k just hours before, plummeted to fresh lows after Fed Chairman Jerome Powell suggested that only half of what the market had been expecting would be cut through next year. This sudden shift in sentiment saw Bitcoin tumble down and put it firmly within the key zone where bears have historically dominated bulls.
In a similar vein, other major altcoins also fell victim to the unexpected move by the Federal Reserve. Ethereum’s price dropped 6% to $3,712, while Ripple’s value plummeted 10% to $2.36.
Source: coinjournal.net
