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Bitcoin plunged after US Federal Reserve Chair Jerome Powell stated the central financial institution can be “cautious” on fee cuts in coming months, however bounced again above $100K whilst meme cash plummeted.
Following the Fed’s announcement of a 0.25% rate of interest lower on Dec. 18, BTC briefly dipped under six figures as Powell stated the central financial institution will probably sluggish financial easing within the coming months, a extra cautious stance that spooked digital asset traders.
Whereas BTC dropped to a low of $98,792.67 within the final 24 hours, meme cash plummeted greater than 8% with Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) all struggling steep declines. Bitcoin is buying and selling down 2.4% at $101,738 as of 4:14 a.m. EST.
Meme Coin Massacre Sees Leaders DOGE, SHIB, PEPE And BONK All Plunge
The general crypto market tumbled greater than 3% to a market cap of $3.52 trillion.
Meme cash felt the brunt of the dump within the digital asset house. Canine-themed Dogecoin (DOGE) and Shiba Inu (SHIB) noticed their costs fall greater than 5% and 6%, respectively. Frog-themed Pepe (PEPE) in addition to Solana meme cash Bonk (BONK) and Dogwifhat (WIF) underwent a greater than 10% correction.
JUST IN: The Federal Reserve lower rates of interest (as anticipated) by 1 / 4 level to 4.25 to 4.5%.
1 individual voted in opposition to the lower.
***The massive information is the Fed tasks greater inflation in 2025 and solely 2 rate of interest cuts subsequent yr*** pic.twitter.com/mzsRh3Z6ea
— Heather Lengthy (@byHeatherLong) December 18, 2024
Pudgy Penguins (PENGU) and Fartcoin (FART) have been the one main meme by market cap cash to buck the bearish pattern within the final 24 hours. New entrant PENGU rose 13% whereas FARTCOIN soared over 16%.
Floki (FLOKI) recorded the largest drop among the many high 10 meme cash with a greater than 13% correction, whereas Brett (BRETT) and Mog Coin (MOG) additionally tumbled.
Crypto Concern And Greed Index Stays Excessive Regardless of Jerome Powell Warning
Knowledge from CoinGlass exhibits that greater than $659.68 million price of lengthy positions have been liquidated within the final 24 hour, most after Powell’s speech.
Regardless of the drop within the crypto market, investor sentiment stays bullish even whether it is on a downtrend. The Crypto Concern & Greed Index stands at 75, signaling “Greed.” This comes after the index dropped from an “Excessive Greed” studying of 81 yesterday.
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