The US stock market suffered a severe decline, evaporating over $1.5 trillion in a day, and the cryptocurrency market also bore the brunt. There are many reasons behind this turmoil: the Federal Reserve's interest rate cuts, global tensions, such as Israel's airstrikes on Iranian-backed groups in Yemen, are all triggers. The cryptocurrency market was brutally 'washed out'; in just 24 hours, there was a massive sell-off that wiped out $588 million in positions. XRP was hit the hardest, having finally risen to $2.82, only to see $69 million liquidated in an instant, dropping the price straight to $2.56. Bitcoin didn't escape either, falling below $96,000 and losing $60 million just like that. Ethereum also faced significant losses, with nearly $58 million disappearing. Has Bitcoin fallen into the 'trap of hope'? You need to know why it dropped so severely. After the Federal Reserve's interest rate cut, traders became uneasy. The cut itself isn't the problem, but the number of cuts in 2025 is expected to be fewer than everyone thinks, which has made both cryptocurrency and stock traders panic. This uncertainty, coupled with the market shifting from 'frenzy' to 'panic', led to the sell-off. Altcoins suffered even more, with Avalanche, Chainlink, Litecoin, and Pepe all dropping around 16% in 24 hours. XRP fell 6.74%, with the current price at $2.35. Solana dropped 9.79% this week, now at $208.49. However, not all cryptocurrencies are unfortunate in these chaotic times. ENA rose 11.66% due to new features, now priced at $1.18. MOVE also surged 11.48% as everyone actively participated, with a price of $0.7171. After the Federal Reserve's interest rate cut, both Bitcoin and cryptocurrencies took a hit, with Bitcoin falling 5.85%. Want to know where the market is headed next?