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  • Shrishesh Tanksalkar
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    Crypto Crashing Today: Fed Signals Slower Rate Cuts, Crypto Market Slumps!

    Story Highlights
    • 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 Reserveโ€™s recent move to cut the interest rates by 25 basis points, taking the benchmark rate between 4.25%-4.50%. Further, Fed Chairman Jerome Powellโ€™s cautious outlook about smaller rate cuts expected in 2025, citing inflationary pressures has sent shock waves across financial markets.

    The industryโ€™s 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 โ€œExtreme Greedโ€ to a โ€œGreedโ€ 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 Bitcoinโ€™s 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 Bitcoinโ€™s bearish trend, reflecting uncertainty fueled by Powellโ€™s statements.

    For Ethereumโ€™s 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

    How did the Federal Reserve impact crypto today?

    The Fedโ€™s interest rate cut and cautious outlook for 2025 triggered bearish sentiment across financial and cryptocurrency markets. As a result, the crypto industryโ€™s market cap dropped by 3.29% to $3.51 trillion.

    Which tokens performed best today?

    MOVE, ENA, and BGB were the top performers, gaining 12.47%, 9.54%, and 5.18%, respectively.

    What is the current Fear & Greed Index?

    The Fear & Greed Index stands at 69, indicating greed with a cautious market sentiment.

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