📢What caused the price drop in Bitcoin and the crypto market?
🖥 Bitcoin and the cryptocurrency market faced heavy selling pressure after the 0.25% interest rate cut. Interest rate cuts are usually considered a positive signal; but bearish sentiment among traders was reinforced when the head of the US Federal Reserve announced that interest rate cuts in 2025 would be slower than initially planned.
🔻 It is worth noting that the price of Bitcoin fell below the $99,000 level last night and more than $800 million was liquidated in the crypto derivatives market.
