news 
Bitcoin slumps after Fed’s interest rate decision
The 2024 BTC price fell sharply to further move away from the recent all-time high above $108. Trading near $100k puts Bitcoin at the key zone where bears have previously dominated bulls.
The US Federal Reserve has taken the expected action of cutting interest rates by 25bps, but the cut came with a hint of cautionary notes from Jerome Powell. His suggestion that the Fed might only lower interest rates by another 50bps through 2025 was not as aggressive as the market had anticipated earlier.
As a result, market sentiment turned bearish, and prices began to retreat across various sectors. With Bitcoin closely tied to the S&P 500 and other equities markets, it’s no surprise that it followed suit, dropping significantly in value.
In related news, Ethereum (ETH) dropped by 6% to $3,712, while XRP plummeted a staggering 10% to $2.36.
Source: coinjournal.net
