Key Takeaways
- Bitcoin and Ethereum experienced significant drops in the past 24 hours.
- The market is increasingly expecting a more aggressive 50-basis-point rate cut by the Fed.
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Bitcoin (BTC) slid by 3%, while Ethereum (ETH) dropped by 6% in the last 24 hours, ahead of a critical week when interest rate decisions by central banks will be under the spotlight. The overall crypto market cap currently sits at $2.12 trillion, a 4.5% decrease in a day.
Volatility returned at the end of the week as Bitcoin dipped to a low of $58,200 before recovering slightly to trade above $58,600, data from CoinGecko shows. The market remains divided, with bulls and bears clashing over Bitcoin’s future direction.
As Bitcoin pulled back, altcoins started to sink. Over the past 24 hours, Ethereum has been down as much as 6% to around $2,300 while Solana (SOL), Doge (DOGE), and Ripple (XRP) have dropped by around 5% each.
Among the top 100 crypto assets, Injective (INJ), Internet Computer (ICP), Pepe (PEPE), and Ondo (ONDO) posted the biggest losses at 7% on average, data shows.
The crypto market braces for more volatility as the Federal Reserve’s (Fed) rate decision is approaching. Economists warn that a 25-basis-point rate cut may lead to a “sell-the-news” event as the market has already priced in this adjustment.
Market sentiment regarding the Fed’s upcoming interest rate decision has dramatically changed. The CME FedWatch tool now shows a 41% probability of a 25-basis-point cut and a…
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