Cryptocurrency prices fell on Thursday, extending the previous day’s market-wide sell-off triggered by Federal Reserve Chair Jerome Powell’s remarks about U.S. interest rate cut expectations for next year. Bitcoin dropped below $100,000 again after attempting a recovery earlier in the day. Other major cryptocurrencies such as Ethereum, Cardano, Solana, and Dogecoin also experienced significant losses between 15% to 20%.
Traditional markets saw slight recovery with the S&P 500 and Nasdaq indexes rising marginally from the previous day’s close. The sell-off was attributed to increased volatility due to fears of tighter monetary policy amid rising inflation concerns.
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