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Bitcoin’s Wild Ride: From $108K to $92K (Market Update)
The crypto market has been experiencing a wild ride recently, with Bitcoin’s price plummeting from $108,000 to $92,100 in just a few days. The sudden downturn is attributed to the Federal Reserve’s latest rate cut and subsequent hawkish comments from Jerome Powell.
Despite the Fed’s expected rate reduction, the market reacted negatively due to the central bank’s warning that it may stop cutting interest rates in 2025. This caused a ripple effect throughout the entire cryptocurrency landscape, with Ethereum whales accumulating an all-time high of over 57% of the total supply.
Meanwhile, MicroStrategy made waves by announcing its first Bitcoin purchase above the $100,000 mark. The company allocated $1.5 billion to buy 15,350 BTC at an average price of just over $100,000.
Additionally, Ripple announced the launch of its own stablecoin, RLUSD, on December 17, which had a positive impact on XRP’s price. However, the market’s overall sentiment remains cautious due to the recent rate cut and potential future rate hikes.
Source:
Source: cryptopotato.com
