The Federal Reserve’s announcement of a 25 basis point interest rate cut has caused significant volatility in the cryptocurrency market. With this development, Bitcoin (BTC) fell below $99,000, while Ethereum (ETH) and XRP lost 6% and 10%, respectively. In addition, Solana (SOL) followed the general downtrend with a 5% drop. This has led investors to review their strategies and large investors and institutional firms to begin discussing how they will be affected by these fluctuations.$BTC
Bitcoin fell 4% in the last 24 hours to $100,880. The lowest value was recorded at $98,874 and the highest value was $105,389. While Bitcoin's market value fell to $2 trillion, its trading volume exceeded $100 billion. According to SoSo Value reports, there was a total outflow of $84 million from Bitcoin ETFs on Wednesday. Grayscale, which led the way, reported an outflow of $35 million, while Invesco recorded a loss of $25 million. BlackRock's data has not yet been released.$ETH
Ethereum, on the other hand, fell 6% to $3,652. The lowest level during the day was recorded as $3,543 and the highest level was $3,902. While ETH's market value reached $440 billion, its trading volume was $52 billion. In this context, Bitwise CIO Matt Hougan attracted attention with his statement that Ethereum will surpass Solana by 2025. This prediction increased the interest in the developments in the Ethereum and Solana networks.$SOL
Solana traded at $209, down 5%. Its daily low was $200 and its high was $218. Despite this drop, the Solana ecosystem continued to grow and activity on the network remained vibrant. XRP, on the other hand, fell 10% to $2.32. XRP’s daily low was $2,184 and its high was $2,585. Ripple also attracted attention by launching a new stablecoin called RLUSD in the stablecoin space.
Meme coins also suffered from this decline. Dogecoin lost 7% to $0.36, while Shiba Inu fell 6% to $0.00002425. Meme coins such as PEPE and FLOKI lost 12% to 15%.
Among the winners in the cryptocurrency market, Usual (USUAL) stood out. USUAL was the biggest winner of the day, rising by 23% to $ 1.02. Movement (MOVE) rose by 14% to $ 0.70. Pudgy Penguins (PENGU) gained 8% with the news of the Binance listing.
Among the losers, WIF fell 14% to $2.26, FLOKI lost 13% to $0.00019, and Theta Network lost 12% to $2.32.
These fluctuations in the cryptocurrency market require investors to act carefully and monitor market developments. Since cryptocurrencies have high volatility, investors should follow market dynamics carefully, especially after major news.