The Federal Reserve has reduced its benchmark interest rate by 25 basis points, bringing the range to 4.25%-4.50%. This marks the third consecutive rate cut this year, totaling 100 basis points since September. Despite the easing move, Bitcoin slipped below $104,000, dropping 4%, while Ethereum and Solana experienced even sharper losses.
Fed Chair Jerome Powell’s post-meeting comments emphasized a cautious outlook, contributing to the crypto market’s negative reaction. As traders digest the Fed’s mixed signals, the broader crypto market remains under pressure, with key support levels now being tested.
