Market Reactions: US Federal Reserve Interest Rate Decision Impact on Cryptocurrency Prices
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Bitcoin Slips After Fed’s Interest Rate Decision
The price of Bitcoin (BTC) has taken a sharp fall in the recent past and is now trading near $100,000, putting it at a crucial zone where bears have dominated bulls in the past. This decline comes after the US Federal Reserve’s interest rate decision, which saw rates cut by 25 basis points.
Market intelligence platform Santiment noted that the Fed’s decision was unexpected, with Powell hinting at only a 50bps cut through 2025, which is half of what the public had been expecting prior to the FOMC meeting. This unexpected move has led to a widespread drop in prices across multiple sectors, including cryptocurrencies.
As expected, Bitcoin and other top coins have suffered significant losses. The world’s leading cryptocurrency by market capitalization fell sharply by an unspecified amount, currently trading around $100,000. Meanwhile, Ethereum (ETH) dipped 6% to $3,712 and Ripple’s XRP crashed 10% to $2.36.
It remains unclear what the future holds for Bitcoin and other cryptocurrencies as a result of this interest rate decision.
Source: coinjournal.net
