Bitcoin has dropped by 2%, reaching $103,750, causing concern among market participants awaiting the Federal Reserve's meeting results. These developments occur amid fluctuating prices and potential reassessment of positions by traders.
Why Are Altcoins Declining More Than Bitcoin?
The downturn in Bitcoin has led to even steeper declines in altcoin prices. Cryptocurrencies such as XRP, SOL, and ETH have mirrored Bitcoin's drop, showing increased volatility in this segment of the market.
What to Expect From the Federal Reserve?
The Federal Reserve is set to announce its interest rate decision today. A 25 basis point cut is anticipated, setting the rate between 4.25% and 4.5%. This will be the third cut, amounting to a total reduction of 100 basis points since September. Fed Chair Jerome Powell is scheduled to hold a press conference to elucidate these findings and their impact on the market.
Impact on the Cryptocurrency Market
Jerome Powell's comments will play a central role in shaping market trends in the near term. Attention remains on economic indicators and their influence on future monetary policy, particularly amid rising prices.
With traders awaiting the Federal Reserve's decision and the associated market volatility, cryptocurrency markets are under close scrutiny. The Fed's economic forecast and Jerome Powell's comments could significantly impact short-term trends.
