Story highlights
The Federal Reserve cuts rates by 25 basis points, future rate cuts pace slows
Bitcoin and Ethereum prices significantly drop within 24 hours
MOVE price increased by 12.47%, leading the top 100 cryptocurrencies
The Federal Reserve recently lowered interest rates by 25 basis points, bringing the benchmark rate to between 4.25% and 4.50%, and the cryptocurrency market is currently facing pressure.
Furthermore, Federal Reserve Chairman Jerome Powell stated that due to inflationary pressures, a slight rate reduction is expected in 2025, and this cautious outlook has impacted financial markets.
The industry's market value fell by 3.29% from the previous day, closing at $3.51 trillion. However, trading volume surged by 34.78% to $265.97 billion, highlighting the activity level in the market. As the market declines, the Fear and Greed Index dropped from 'Extreme Greed' to a 'Greed' score of 69.
Bitcoin price pulled back to $101,000
In the market turmoil, Bitcoin's price fell to a 24-hour low of $98,792.67. As of the time of writing, Bitcoin is currently trading at $101,158.92. The pullback indeed prompted price action traders to take action, resulting in a 24-hour trading volume surge of 32.99% to $98.26 billion. That said, despite the decline, BTC's dominance remains robust at 57.01%.
Bears dominate, altcoins struggle
The second-largest cryptocurrency by market cap, Ethereum, fell sharply by 4.40% to $3,671.66. Solana and XRP also took the hit, dropping 3.73% and 5.93%, respectively. The broader altcoin market reflects the bearish trend of Bitcoin, showcasing the uncertainty triggered by Powell's remarks.
Top gainers:
Change: $0.7242 (+12.47%)
ENA: $1.17 (+9.54%)
BGB: $4.37 (+5.18%)
Biggest losers:
Rate hike magnitude: $2.27 (-14.07%)
FLOKI: $0.0001881 (-13.62%)
Theta: $2.28 (-12.23%)
