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Bitcoin, XRP, Dogecoin Drop Rapidly After Fed Cuts Interest Rates
Bitcoin has dropped after Federal Reserve Chairman Jerome Powell said the central bank will cut interest rates at a slower pace in the new year.
Bitcoin and other major assets such as Ethereum, XRP, and Dogecoin fell rapidly after Federal Reserve Chairman Jerome Powell spoke and announced an expected rate cut. The move appears to have pushed investors away from “riskier” assets such as cryptocurrencies and U.S. stocks after the central bank said it would not cut interest rates sharply in 2025.
The largest digital asset by market cap is now trading at $101,430 after dropping following the Fed press conference. The asset has fallen about 5% in the past 24 hours, falling sharply after hitting an all-time high above $108,000 early Tuesday.
XRP price fell 10% on the day, adding to earlier losses after Tuesday’s rally, while Dogecoin price dropped 9% as it slipped to $0.363 — the lowest level seen in a month for the top meme coin.
The Federal Reserve cut interest rates again on Wednesday
