Bitcoin and other cryptocurrencies have fallen in price following Donald Trump's comments on the crypto industry and the Fed's unchanged interest rates.
Cryptocurrency Price Drop
Bitcoin dropped to $84,000 from this week's high of $87,500. Ethereum fell to $1,965, while Dogecoin, IOTA, and JasmyCoin dropped by over 4%. The total market cap of cryptocurrencies decreased by 1.5% to $2.74 trillion.
Impact of Trump's Statements
Donald Trump, speaking at the Digital Asset Summit in New York, stated that cryptocurrencies would enhance the dominance of the US dollar. However, the lack of specific policy changes proposed by his administration left the market disappointed.
Role of Fed and Macro Factors
Following the Federal Reserve meeting, market participants have begun to question the prospects of interest rate cuts. This uncertainty, alongside the upcoming triple witching event where options worth over $4.5 trillion will expire, has contributed to increased volatility.
The cryptocurrency market is under pressure from both internal and external factors, such as uncertain economic policy in the US and the impact of macroeconomic events.
