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Bitcoin slips after Fed’s interest rate decision
The recent price action in the cryptocurrency market has taken a drastic turn following the US Federal Reserve’s unexpected decision to cut interest rates by only 25 basis points. The move, which was widely anticipated by investors, has resulted in a sharp decline in prices across the board, with Bitcoin leading the way.
As of this morning, Bitcoin (BTC) is trading at approximately $100k, a significant drop from its recent all-time high above $108. This sudden downturn puts the cryptocurrency firmly in the key zone where bears have previously dominated bulls.
According to market intelligence platform Santiment, the unexpected 25bps cut came with a hint of cautiousness by Jerome Powell, Federal Reserve Chairman. This subtle shift in tone has sent shockwaves throughout the financial markets, causing equities and cryptocurrencies alike to retrace their recent gains.
As a result, Ethereum (ETH) dipped 6% to $3,712, while XRP plummeted an astonishing 10% to $2.36. Other top coins have also fallen victim to this sudden market downturn, with many traders scrambling to cut their losses and adjust their positions in response to the unexpected news.
It is important for investors to remain vigilant as these events unfold, as significant price movements often create opportunities for both long-term growth and short-term profits. As we continue to monitor this situation closely, we will be sure to bring you any updates or developments that may impact the cryptocurrency market.
Source:
Source: coinjournal.net
