The Federal Reserve, as expected by the market, cut interest rates by one notch, suggesting that the pace of future rate cuts will slow down. Major US stock indices plunged, and US bond yields rose sharply. Cryptocurrencies are in a state of despair, with Bitcoin plummeting to a low of $100,303. Ethereum fell to a low of $3,650, and the total liquidation volume across the network reached $668 million within 24 hours.
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ToggleThe Federal Reserve cut interest rates by one notch, but the pace of future cuts will slow down
The Federal Reserve, as expected by the market, cut the target range for the federal funds rate to 4.25%-4.5%, a third consecutive rate cut. However, the updated dot plot indicates that there may only be two more rate cuts by 2025, half the number from the September update.
In the post-meeting press conference, Chair Jerome Powell stated: "With today's action, we have lowered the policy rate a full percentage point from its peak. Our policy stance is now clearly less restrictive. As a result, we can be more measured in considering further adjustments to the policy rate."
Bitcoin plummeted to above $100,000, and the total liquidation volume across the network reached $668 million
Cryptocurrencies are in a state of despair. Bitcoin plummeted to a low of $100,303. Ethereum fell to a low of $3,650.
According to Coinglass data, the 24-hour forced liquidation volume for Bitcoin reached $120 million, and for Ethereum, it was $98.64 million, with the total liquidation volume across the network reaching $668 million.
Risk Warning
Cryptocurrency investments carry a high degree of risk, and their prices may fluctuate dramatically. You may lose your entire principal. Please carefully evaluate the risks.
