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Bitcoin plunged after US Federal Reserve Chair Jerome Powell mentioned the central financial institution can be “cautious” on fee cuts in coming months, however bounced again above $100K at the same time as meme cash plummeted.
Following the Fed’s announcement of a 0.25% rate of interest minimize on Dec. 18, BTC briefly dipped under six figures as Powell mentioned the central financial institution will probably gradual financial easing within the coming months, a extra cautious stance that spooked digital asset buyers.
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 unload 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 minimize rates of interest (as anticipated) by 1 / 4 level to 4.25 to 4.5%.
1 individual voted in opposition to the minimize.
***The large information is the Fed initiatives increased inflation in 2025 and solely 2 rate of interest cuts subsequent 12 months*** 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 development within the final 24 hours. New entrant PENGU rose 13% whereas FARTCOIN soared over 16%.
Floki (FLOKI) recorded the most important drop among the many prime 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 value 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 Fear & 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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