On Wednesday, the Federal Reserve (Fed) announced a 25-basis-point rate cut from the previous rate of 4.25%, aligning with market expectations. Despite this bullish development being highly anticipated by top experts as the best catalyst for the remainder of the year, Bitcoin (BTC), XRP, and Ethereum (ETH) led the market downturn following the announcement.
Fed Chair Signals Uncertainty Over Further Rate Cuts
The selloff intensified after Fed Chairman Jerome Powell indicated during his press conference that another interest-rate cut in December “is not a foregone conclusion.” This uncertainty has contributed to market volatility, as both cryptocurrencies and stocks have rallied this year in anticipation of lower interest rates.
If the Fed does not implement further rate cuts in December, it could lead to a rebound
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!