FOMC Projections Hammer Altcoins, Bitcoin Drops to $100K
Thereโs some breaking news from the crypto market! ๐ฒ Fed Chairman Jerome Powell just announced a focus on lower interest rate cuts in 2025, and this has had a major impact on the price of Bitcoin and other altcoins ๐.
Bitcoin (BTC) fell to $100,000, after previously hitting an intraday high of $105,302.37 ๐. Ethereum (ETH) also dropped to $3,600. Altcoins like LINK, AVAX, DOT, and XRP saw significant declines, making many investors worried ๐.
According to blockchain analytics platform Santiment, the market reaction to Powellโs statement was very negative, especially given the announcement that 2025 will only see half the number of rate cuts previously expected ๐.
While lower interest rates are usually good for digital assets, this time the market seems to be responding differently, making many investors think twice before investing ๐. We need to keep an eye on this development, as volatility in the crypto market is always interesting to watch! ๐