• 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

Integration of DeFi and Creative Ecosystems Highlighted by Coinbase CEO

chest

Brian Armstrong, CEO of Coinbase, discusses the integration of DeFi with creative ecosystems, emphasizing social dynamics and revenue sharing.

user avatarLucas Weissmann

Kim Byungkee Under Investigation for Alleged Conflicts of Interest

chest

Kim Byungkee, the floor leader of South Korea's ruling Democratic Party, is under investigation for alleged conflicts of interest related to his son's internship at Bithumb, raising concerns about favoritism in the crypto industry.

user avatarFilippo Romano

Altcoin-Focused Treasuries at Greater Risk

chest

Treasuries focused on altcoins are at higher risk during market downturns compared to those focused on major cryptocurrencies.

user avatarKaterina Papadopoulou

Single-Asset Strategies Lose Their Edge

chest

Companies focused solely on holding Bitcoin or a single digital asset are struggling to maintain sustainability in the current market.

user avatarEmily Carter

Digital Asset Treasury Companies Face Market Volatility

chest

Digital asset treasury companies are facing significant challenges due to market volatility and competition, which may lead to potential exits from the industry.

user avatarMaya Lundqvist

The US Leads the World in Fiat-to-Crypto Buying

chest

The United States leads the global fiat-to-crypto market with a total volume of approximately $24 trillion, significantly surpassing other markets.

user avatarTomas Novak

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.