Crypto market bleeds following hawkish rate cut decision by Fed
The Federal Reserve announced a hawkish decision to cut interest rates twice in 2025.
XRP, Solana and Dogecoin registered losses of nearly 10%.
The crypto market has seen nearly $700 million in liquidations in the past 24 hours.
The Federal Reserve (Fed) cut interest rate on Wednesday by 25bps, lowering the federal funds rate to the 4.25% to 4.50% range following the December meeting.
The decision to cut rates by 25 basis points matched expectations from market participants. However, the crypto market declined following the Fed's decision.
This is because the market reaction may not be tied to the rate cut decision for December but the outlook for 2025.
