Yesterday, the US Federal Reserve cut interest rates by a widely expected 25bps, but markets fell after Fed Chairman Jerome Powell suggested that the rate-cutting cycle could weaken next year.
Chairman Powell's comments led to a sell-off in the #cryptocurrency markets and the traditional financial sector. The sell-off in risk assets has engulfed both markets. The sell-off caused #bitcoin to briefly fall below $100,000 before recovering, while #Ethereum remains below $3,700. #XRP suffered from the sell-off, losing 6% of its value to $2.37 today.
Despite the sell-off, XRP is the only cryptocurrency that has
since early November, when it traded at around $0.513, its value has risen more than 360%.
Several triggers, including Republican candidate Donald Trump's victory in the U. S. presidential election, applications to various XRP-listed funds, and Ripple's launch of the stablecoin cryptocurrency RLUSD
the recent market sell-off was so significant that the CBOE Volatility Index (VIX), a widely used measure of market volatility known as the fear index, recorded its second sharpest increase in history.
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