The crypto market today has been facing the heat from the Federal Reserve’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 Powell’s cautious outlook about smaller rate cuts expected in 2025, citing inflationary pressures has sent shock waves across financial markets.
The industry’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 “Extreme Greed” to a “Greed” score of 69.
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 Bitcoin’s future, explore our Bitcoin Price Prediction.
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 Bitcoin’s bearish trend, reflecting uncertainty fueled by Powell’s statements.
For Ethereum’s detailed analysis, check out our Ethereum Price Prediction page.
The Fed’s interest rate cut and cautious outlook for 2025 triggered bearish sentiment across financial and cryptocurrency markets. As a result, the crypto industry’s 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.
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