Market Overview
The cryptocurrency market experienced significant volatility over the past 24 hours following the Federal Reserve’s latest rate cut announcement. Bitcoin attempted to reach $95,000 but settled around $90,000, while Cardano saw a sharp decline.
Federal Reserve Decision
The Federal Reserve’s decision to cut interest rates by 0.25% to a range of 3.50% – 3.75% triggered mixed reactions in the cryptocurrency market. Although the move was anticipated, it led to increased volatility.
Bitcoin Performance
Bitcoin initially surged above $94,000 shortly after the announcement but faced selling pressure, dropping to around $90,200. This pattern mirrors previous FOMC meetings, where initial volatility was followed by substantial gains. Despite the retreat, Bitcoin’s market dominance rose to approximately 57.1%, with its market capitalization at around $1.8 trillion.
Altcoin Movements
Altcoins followed Bitcoin’s initial rise but experienced steeper declines. Cardano (ADA) was the worst performer among the top 100 cryptocurrencies, falling by 10% to hover around $0.42. Other notable decliners included Pump.fun (PUMP), Ethena (ENA), Avalanche (AVAX), Polkadot (DOT), Internet Computer (ICP), and Dogecoin (DOGE), which dropped by 6‑8%.
However, not all altcoins were in the red. Provenance Blockchain (HASH) surged by 8%, and MemeCore (M) gained 4%. The overall cryptocurrency market capitalization decreased by 2.2% to $3.17 trillion.
Conclusion
While Bitcoin has paused at $90,000 following the FOMC meeting, the cryptocurrency market remains volatile. Altcoins like Cardano experienced significant losses, but some projects saw gains. Investors should stay informed and cautious in this dynamic environment.
