Bitcoin dropped to $97K while Ethereum trades at the $3,300 price level.
The Fed’s hawkish FOMC has triggered the massive crypto sell-off.
“Over bullish positioning” by investors is another reason for the crash.
The crypto market had a massive crash, with Bitcoin (BTC) dropping below $100,000 even after several attempts to keep the price above $103,000 in the past few days. Ethereum (ETH) also plummeted to $3,300, a support level, after a 7.2% price crash in the past 24 hours.
CoinMarketCap data shows Bitcoin’s dominance increased to 57.4%, while the Fear and Greed Index dropped to 62. BTC’s rising dominance indicates that the digital asset space did not have an altcoin season as the industry’s total market capitalization dropped to $3.35 trillion.
The Fed’s Announcement and Market Reaction
The hawkish FOMC announcement from the United States Fed triggered a sharp selloff across all risk assets, with Nasdaq falling 3.56%, S&P 500 dropping 2.95%, and BTC dropping 6.13%, as noted by Singapore-based digital asset firm QCP Capital. The Fed now projects two rate cuts for 2025 instead of the market’s consensus of three because of persistent infl…
The post Crypto Market Suffers $3.35T Loss After Fed Announcement appeared first on Coin Edition.
