The cryptocurrency market experienced a significant sell-off today, with Bitcoin (#BTC ) dropping notably below $94,000.
This decline is primarily attributed to the Federal Reserve's recent monetary policy announcement.
Despite a 0.25% rate cut, Fed Chair Powell's hawkish stance and indication offer rate cuts in 2025 have dampened investor sentiment.Additionally, tightening global liquidity conditions and rising bond market volatility have created unfavorable conditions for risk assets.
Here's a quick summary of the current market conditions:
Bitcoin (#BTC ): Trading below $94,000, experiencing a significant decline.
Ethereum (#ETH ): Also facing a notable drop, falling to the $3.3K level.
Major Altcoins: Experiencing steep declines, with #XRP testing the $2.20 support level and #DOGE plunging 21%.
Market Cap: The total cryptocurrency market capitalization has fallen to $3.3T, marking the lowest level in almost a month.
This sell-off highlights the sensitivity of the cryptocurrency market to broader macroeconomic factors, particularly interest rate decisions and global liquidity conditions.