The FOMC issued a hawkish rate cut statement and expressed concerns about inflation, leading to a 10% crash in the US stock market.
Most altcoins on major CEXs and mid-to-large market cap meme coins on the Solana chain plummeted, while some smaller market cap on-chain projects remained resilient.
Although market sentiment is low, all of this was actually within expectations.
A bull market has never been a smooth road; many altcoin holders also face considerable pressure during a bull market.
After a long period of sideways movement or several months of decline, short-term increases are just the norm.