
Federal Reserve cuts interest rates by 25 bps, slower pace ahead
Bitcoin and Ethereum witness notable price drops in 24 hours
MOVE leads top 100 cryptos with a 12.47% price surge
The crypto market today has been facing the heat from the Federal Reserveโs recent move to cut the interest rates by 25 basis points, taking the benchmark rate between 4.25%-4.50%. Further, Fed Chairman Jerome Powellโs cautious outlook about smaller rate cuts expected in 2025, citing inflationary pressures has sent shock waves across financial markets.
The industryโs market cap has declined by 3.29% over the previous day, settling at $3.51 trillion. The trading volume, however, took a surge of 34.78% to $265.97 billion, highlighting heightened market activity. Following the market taking a southward route, the Fear & Greed Index falls from โExtreme Greedโ to a โGreedโ score of 69.
Bitcoin Price Corrects to $101k
Amidst the turbulence in the market, Bitcoin price is traced to its 24-hour low of $98,792.67. At the time of press, it is currently changing hands at $101,158.92. The pullback did call price action traders making moves, resulting in the 24-hour trading volume surging 32.99% to $98.26 billion. That being said, despite the decline, BTC dominance remains tough at 57.01%.
For insights into Bitcoinโs future, explore our Bitcoin Price Prediction.
Altcoins Struggle as Bears Take Control
Ethereum, the second-largest cryptocurrency by market cap, saw a sharp decline of 4.40%, with its price at $3,671.66. Solana and XRP also took the brunt, dropping 3.73% and 5.93%, respectively. The broader altcoin market mirrors Bitcoinโs bearish trend, reflecting uncertainty fueled by Powellโs statements.
For Ethereumโs detailed analysis, check out our Ethereum Price Prediction page.
Top Gainers:
- MOVE: $0.7242 (+12.47%)
- ENA: $1.17 (+9.54%)
- BGB: $4.37 (+5.18%)
Top Losers:
- WIF: $2.27 (-14.07%)
- FLOKI: $0.0001881 (-13.62%)
- THETA: $2.28 (-12.23%)
FAQs
The Fedโs interest rate cut and cautious outlook for 2025 triggered bearish sentiment across financial and cryptocurrency markets. As a result, the crypto industryโs market cap dropped by 3.29% to $3.51 trillion.
MOVE, ENA, and BGB were the top performers, gaining 12.47%, 9.54%, and 5.18%, respectively.
The Fear & Greed Index stands at 69, indicating greed with a cautious market sentiment.