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Bitcoin Sinks Below $100,000 as Altcoins Tumble Following Fed’s Hawkish Signals
The cryptocurrency market has taken a drastic turn after the Federal Reserve announced its hawkish stance at yesterday’s FOMC meeting. As a result, Bitcoin (BTC) has fallen below $100,000 for the first time in recent history, with many altcoins experiencing sharp declines.
Bitcoin, the largest digital asset by market capitalization, plummeted close to 6% and dipped under $100,000 amid a widespread sell-off following the Fed’s cautionary tone. The sudden downturn is a stark contrast to Bitcoin’s recent surge, which propelled it above the psychological barrier of $110,000 just last week.
The Federal Reserve’s decision to increase interest rates has had far-reaching consequences for the broader financial markets, with stocks and digital assets both suffering significant losses. The Nasdaq composite index recorded its longest losing streak in over 50 years, while the Dow Jones Industrial Average sank by more than 3%.
In addition to Bitcoin, other major cryptocurrencies have also taken a hit, including Ethereum (ETH), which fell approximately 5% to $3,600. Ripple (XRP) dropped nearly 9%, and Dogecoin (DOGE) declined 8%. The devastating impact of the Fed’s hawkish stance is not limited to these top-tier assets, however, as many altcoins are experiencing significant losses.
Meme coins have borne the brunt of this sell-off, with Popcat (POPCAT) plummeting a staggering 20% and Peanut the Squirrel (PNUT) dropping 19%. Other popular meme tokens such as Pepe (PEPE), dogwifhat (WIF), Bonk (BONK), and Floki (FLOKI) have all posted double-digit losses, further exacerbating the turmoil in the cryptocurrency market.
As investors reeled from yesterday’s shocking developments, many are left wondering how this shift in monetary policy will impact the trajectory of the digital asset class. With interest rates on the rise, the prospects for a sustained recovery in the short term appear bleak.
In the face of these challenges, it remains to be seen whether investors will reassess their exposure to cryptocurrency or if they will continue to hold out hope that the market will rebound once the dust settles.
For now, however, one thing is clear: the Fed’s hawkish stance has had a profound impact on the digital asset landscape, with Bitcoin sinking below $100,000 and altcoins suffering equally severe losses.
Source: cryptobriefing.com
