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Bitcoin Slips After Fed’s Interest Rate Decision
The price of bitcoin has taken a sharp fall, dipping below $100,000 as the market reacted to the US Federal Reserve’s (Fed) latest interest rate decision.
In a surprise move, the Fed announced a 25bps cut in interest rates, but with a hint of caution from Jerome Powell. This unexpected shift in sentiment has sent shockwaves throughout global markets, including the crypto space.
As a result, the price of bitcoin fell sharply to further distance itself from its recent all-time high above $108. The cryptocurrency is now trading near $100k, a key zone where bears have previously dominated bulls.
Market intelligence platform Santiment noted that Bitcoin and crypto assets are closely tied to equities markets, thus they are retracing on this news. This downward trajectory was also reflected in other top coins, with Ethereum (ETH) dropping 6% to $3,712 and Ripple (XRP) crashing 10% to $2.36.
These market fluctuations come as the Fed’s actions may have a significant impact on the broader economy and global financial markets.
Source: coinjournal.net
