• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

FED Rate Cut: Bitcoin and Altcoins Decline After Powell's Remarks

user avatar

by Giorgi Kostiuk

a year ago

Last night, the FED announced a 25 basis point rate cut as expected. However, Jerome Powell's statements led to a decline in Bitcoin and altcoins.

Market Reaction to FED Decision

Following the rate cut announcement, Bitcoin fell below $100,000 but later rebounded. Altcoins like XRP, Dogecoin (DOGE), and Solana (SOL) saw declines of 5.5%, while BNB and Ethereum (ETH) experienced smaller drops.

Jerome Powell's Statements

Jerome Powell stated that the FED does not plan to participate in government plans to create a Bitcoin reserve, which contributed to the market downturn.

That's the kind of thing Congress should consider, but we're not planning to amend the law.

Liquidations and Impact on Crypto Investors

According to Coinglass, $780 million was liquidated in leveraged transactions in the last 24 hours, with the largest liquidation in an ETH/USDT transaction on Binance worth $7.10 million. Analyst Nick Ruck noted Powell's remarks as the main reason for the decline.

The cryptocurrency market reacted strongly to Jerome Powell's comments, posing potential challenges to further price growth. Nevertheless, a central bank rate cut is typically seen as a positive signal for economic assets.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Roundhill Investments Files Updated XRP ETF Document

chest

Roundhill Investments has submitted an updated filing for its XRP Covered Call Strategy ETF with the US SEC, marking a significant step for XRP in traditional finance.

user avatarDiego Alvarez

US Stock Markets React to Fed Minutes

chest

US stock markets reacted cautiously to the Federal Reserve Minutes, with significant declines in major indices due to concerns over inflation and interest rates.

user avatarMaria Fernandez

Lighter Token Airdrop Launch and Whale Activity

chest

Lighter token trades near 273 following its airdrop debut, with significant whale activity observed.

user avatarKenji Takahashi

The Philippines Enforces VASP Licensing for Crypto Exchanges.

chest

The Bangko Sentral ng Pilipinas mandates all cryptocurrency platforms to obtain a local Virtual Asset Service Provider license, leading to the blocking of major exchanges and reshaping the crypto landscape in the Philippines.

user avatarRajesh Kumar

eUSD's Impact on Payments and Remittances

chest

The launch of eUSD aims to reduce transaction costs and settlement times for international remittances.

user avatarLuis Flores

Philippines Restricts Access to Major Cryptocurrency Platforms such as Coinbase and Gemini.

chest

The Philippines has begun blocking access to major cryptocurrency exchanges like Coinbase and Gemini due to lack of local licenses.

user avatarGustavo Mendoza

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.