news 
Bitcoin Slips After Fed’s Interest Rate Decision
The cryptocurrency market has taken a drastic hit following the Federal Reserve’s (Fed) surprise announcement to cut interest rates by 25 basis points, far from the expected 50-basis-point reduction. As a result, Bitcoin’s price fell sharply, further distancing itself from its recent all-time high above $108.
At the time of writing, BTC was trading near $100k, an area where bears have previously dominated bulls. The sudden downturn has sent shockwaves throughout the crypto community, with other top coins also plummeting in value.
Ethereum’s price dropped 6% to $3,712, while Ripple sank a staggering 10% to $2.36.
Market intelligence platform Santiment attributed the sharp sell-off to the Fed’s decision and its implications on the global economy. According to the platform, the interest rate cut came with a hint of cautiousness from Jerome Powell, which has left traders feeling uncertain about the market’s future trajectory.
As a result, we are seeing widespread retracement across multiple sectors, including crypto markets, which have historically been closely tied to the S&P 500 and other equities indexes.
Source: coinjournal.net
