December 20, 2024
Bitcoin Drops Sharply Amid Fed Turmoil
Bitcoin has dropped sharply as the CoinDesk 20 index fell by 10% on Thursday, following remarks from Fed Chair Jerome Powell regarding interest rate cuts. The forecast of only two rate cuts in 2025 disappointed investors.
Bitcoin attempted to recover but quickly slid to a low. Altcoins like Ethereum also saw significant declines, while SOL fell to its lowest level since November 7, nearly erasing its post-election rally.
Nearly $1.2 billion in cryptocurrency trading positions were liquidated in the past 24 hours, indicating significant pressure from the Fed's decision.
The sharp decline in the cryptocurrency market, particularly following remarks from Fed Chair Jerome Powell, has negatively impacted several coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Dogs (DOGS).
Dogecoin (DOGE): As one of the most popular cryptocurrencies, DOGE has experienced a significant price drop. The negative market sentiment and widespread selling have left many investors concerned.
Shiba Inu (SHIB): Similarly to DOGE, SHIB has also been affected by the overall downward trend in the market. Uncertainty regarding monetary policy has made investors more cautious.
Dogs (DOGS): As a newer coin, DOGS has not escaped the downturn. A lack of positive news momentum has diminished investor confidence in this coin.
In summary, all three coins have been strongly affected by the current market conditions, reflecting their sensitivity to macroeconomic factors and investor sentiment.
