Crypto market bleeds following hawkish rate cut decision by Fed
$BTC and the crypto market are down on Wednesday following the Federal Open Market Committee (FOMC) announcement to slow down rate cuts in 2025, with the benchmark federal funds rate declining to a lower range of 4.25% to 4.50%.
Fed's rate decision casts shadow on crypto market rally
The Federal Reserve (Fed) cut interest rate on Wednesday by 25bps, lowering the federal funds rate to the 4.25% to 4.50% range following the December meeting.
The decision to cut rates by 25 basis points matched expectations from market participants. However, the crypto market declined following the Fed's decision.
This is because the market reaction may not be tied to the rate cut decision for December but the outlook for 2025.
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