The cryptocurrency market today is under pressure from the recent move by the Federal Reserve to cut interest rates by 25 basis points, bringing the benchmark rate down to 4.25%-4.50%. Furthermore, Fed Chairman Jerome Powell's cautious outlook on smaller-than-expected rate cuts in 2025, citing inflationary pressures, has caused a wave of shock across financial markets.

The market capitalization of the sector has decreased by 3.29% compared to the previous day, stabilizing at $3.51 trillion. However, trading volume has surged by 34.78% to $265.97 billion, highlighting increased market activity. After the market moved downward, the Fear & Greed Index dropped from 'Extreme Greed' to a 'Greed' level of 69.

Bitcoin Price Adjusts Up to $101,000

Amid the chaos in the market, the price of Bitcoin was recorded at its lowest in 24 hours at $98,792.67. At the time of the press release, the price is currently trading at $101,158.92. The pullback has prompted price action traders to take measures, resulting in a 32.99% surge in trading volume over 24 hours to $98.26 billion. That said, despite the decline, BTC's dominance remains at 57.01%.

Altcoin Struggles as Bears Take Control

Ethereum, the second-largest cryptocurrency by market capitalization, has dropped sharply by 4.40%, with a price of $3,671.66. Solana and XRP have also been heavily impacted, falling by 3.73% and 5.93% respectively. The broader altcoin market reflects Bitcoin's bearish trend, mirroring the uncertainty driven by Powell's statements.

Most accomplished individual:

  • MOVE: $0.7242 (+12.47%)

  • ENA: $1.17 (+9.54%)

  • BGB: $4.37 (+5.18%)

Top losers:

  • WIF: $2.27 (-14.07%)

  • FLOKI: $0.0001881 (-13.62%)

  • THETA: $2.28 (-12.23%)

DYOR! #Write2Win #Write&Earn $BTC