Bitcoin tumbled after the Federal Reserve's rate cut announcement, with Jerome Powell's comments on future rate cuts and US Bitcoin ownership sparking market anxiety. Altcoins suffered even steeper losses. Despite the crash, some analysts see potential buying opportunities in the wake of a possible market overreaction.
Although the US Fed reduced the key interest rates by 25 basis points as expected, Jerome Powell made a couple of remarks that impacted the entire crypto market in a highly negative manner.
The altcoins, though, were impacted even more severely. Many plummeted by double digits from their respective tops to bottoms, including
Bitcoin Cryptocurrency Federal Reserve Jerome Powell Interest Rates
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What Fed Chief Powell said about crypto that may have aided bitcoin's rally to $100,000Powell maintained that bitcoin is not a challenge for traditional currencies like the U.S. dollar but rather gold.
Read more »
Crypto Today: Cardano, XLM, FLOKI lead $3.1 trillion rally, Russia bans crypto mining, Bitcoin eyes $95KCardano (ADA) price action ADA’s ongoing rally has been attributed to rumors that the Trump administration could collaborate with the Cardano network to build a blockchain voting system.
Read more »
Bitcoin Slumps, Liquidations Spike After Fed Comments and Trump's Bitcoin StanceBitcoin dropped below $100,000 before recovering slightly following hints from the Federal Reserve about potential rate cuts in 2025. Jerome Powell, Fed chair, stated that the central bank isn't permitted to own bitcoin under current regulations. Former President Trump, during his campaign, promised to retain all bitcoin held or acquired by the government. Following Powell's comments, Bitcoin fell 3%, dragging down other cryptocurrencies. The market decline resulted in over $700 million in liquidations, with altcoins and meme tokens experiencing proportionally larger losses compared to Bitcoin and Ethereum.
Read more »
Crypto Market Awaits Fed Decision, Powell's Statement; What to ExpectMarkets will look to Fed's updated policy statement and Fed Chair Jerome Powell's press conference
Read more »
'Just Like Gold': Fed's Powell Makes Crucial Bitcoin StatementFederal Reserve Chair Jerome Powell says that Bitcoin is competing with gold
Read more »
Bitcoin hits $100,000 on Trump SEC cheer, Powell commentsBitcoin hits $100,000 on Trump SEC cheer, Powell comments
Read more »