The post Why Did Crypto Crash Today? Jerome Powell’s Speech Spark Panic Selling appeared first on Coinpedia Fintech News The US Federal Reserve yesterday announced a rate cut of 0.25% , as expected. In the press conference organised to declare the rate cut, Fed Chairman Jerome Powell defended the decision, portraying it as an attempt to achieve a more balanced economic position. However, he revealed that the organisation would adopt a cautious approach while considering further rate cuts. Yesterday, both the US stock market and the cryptocurrency market suffered severe drops. US Fed Rate Cut & Inflation Goals: What You Should Know Yesterday, the US Fed Fund interest rate was brought down to 4.5%. It was the third major correction this year. Initially, on September 18, it was reduced to 5%. On November 7, it was lowered for the second time to 4.75%. In the press conference, Powell emphasised the commitment of the organisation to support the economy and the job market in the country. However, highlighting that the organisation has not decided on a strict plan for rate changes, he asserted the possibility of a further rate cut depends on three key factors: new economic data, the outlook for the economy, and risks to the economy and inflation. At the start of this year, the US inflation rate was at 3.1%. It touched a yearly peak of 3.5% in March. Notably, between March and September, it had declined steadily. In September, it dropped to a yearly low of 2.4%. However, since then, the rate has increased consistently. In November, it reached 2.7%. .article-inside-link { margin-left: 0 !important; border: 1px solid #0052CC4D; border-left: 0; border-right: 0; padding: 10px 0; text-align: left; } .entry ul.article-inside-link li { font-size: 14px; line-height: 21px; font-weight: 600; list-style-type: none; margin-bottom: 0; display: inline-block; } .entry ul.article-inside-link li:last-child { display: none; } Also Read : Metaplanet Stock Debuts on OTCQX: A New Era for Bitcoin Strategy in the U.S. , Market Reactions: Stocks and Crypto Plunge On December 18, the day when the interest cut was officially announced by the US Fed, the crypto market declined by approximately 0.58%. At the beginning of yesterday, the price of Bitcoin was at $106,080.05. By the close, it slipped to as low as $100,207.97, marking a significant drop of 5.85%. Similarly, the S&P 500 index also plummeted by over 2.90% yesterday. After the Fed rate cut, Bitcoin and crypto took a hit, with Bitcoin dropping 5.85% read Bitcoin price prediction to find out what’s next for the market! Altcoins Face Steeper Challenges At the beginning of December 18, the total market cap of the crypto market excluding BTC was at $1.53T. At the time of the market closing, it came down to as low as $1.42T, recording a notable decline of 7.74%. In the last 24 hours, Ethereum has declined by over 4.7%, XRP by 6.8%, BNB by 1.6%, Solana by 3.3%, Dogecoin by 6.2%, and Cardano by 4.9%. In conclusion, the Fed’s hawkish outlook suggests prolonged challenges for markets. .article_register_shortcode { padding: 18px 24px; border-radius: 8px; display: flex; align-items: center; margin: 6px 0 22px; border: 1px solid #0052CC4D; background: linear-gradient(90deg, rgba(255, 255, 255, 0.1) 0%, rgba(0, 82, 204, 0.1) 100%); } .article_register_shortcode .media-body h5 { color: #000000; font-weight: 600; font-size: 20px; line-height: 22px; } .article_register_shortcode .media-body h5 span { color: #0052CC; } .article_register_shortcode .media-body p { font-weight: 400; font-size: 14px; line-height: 22px; color: #171717B2; margin-top: 4px; } .article_register_shortcode .media-body{ padding-right: 14px; } .article_register_shortcode .media-button a { float: right; } .article_register_shortcode .primary-button img{ vertical-align: middle; } @media (min-width: 581px) and (max-width: 991px) { .article_register_shortcode .media-body p { margin-bottom: 0; } } @media (max-width: 580px) { .article_register_shortcode { display: block; padding: 20px; } .article_register_shortcode img { max-width: 50px; } .article_register_shortcode .media-body h5 { font-size: 16px; } .article_register_shortcode .media-body { margin-left: 0px; } .article_register_shortcode .media-body p { font-size: 13px; line-height: 20px; margin-top: 6px; margin-bottom: 14px; } .article_register_shortcode .media-button a { float: unset; } .article_register_shortcode .secondary-button { margin-bottom: 0; } } Never Miss a Beat in the Crypto World! 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// Remove the flag and category ID from localStorage localStorage.removeItem('subscribe_without_Login'); localStorage.removeItem('subscribe_clicked_id'); } }); /************************** update susbcriber content **************************** */ function initializeSubscriptionButton() { var initialListItems = document.querySelectorAll('.subscription-options input[type="checkbox"]'); initialListItems.forEach(function(item) { console.log(item.checked, 'Initial Checkbox checked status'); }); var listItems = document.querySelectorAll('.subscription-options li'); if (listItems.length === 0) return; var anyActive = false; listItems.forEach(function(item) { var checkbox = item.querySelector('input[type="checkbox"]'); if (checkbox) { if (checkbox.checked) { item.classList.add('active'); anyActive = true; // Set anyActive to true } else { item.classList.remove('active'); // Remove 'active' class if checkbox is unchecked } } }); } function updateButtonText(anyActive) { var subscribeButtonSpan = document.querySelector('.subscribe-submit .changeBtnText'); if (subscribeButtonSpan) { if (anyActive) { subscribeButtonSpan.textContent = 'Subscribe Now'; } else { subscribeButtonSpan.textContent = 'Unsubscribe'; } } } function updateSubscriptionButton() { var listItems = document.querySelectorAll('.subscription-options li'); if (listItems.length === 0) return; var anyActive = false; listItems.forEach(function(item) { var checkbox = item.querySelector('input[type="checkbox"]'); if (checkbox) { if (checkbox.checked) { item.classList.add('active'); anyActive = true; // Set anyActive to true } else { item.classList.remove('active'); // Remove 'active' class if checkbox is unchecked } } }); // Update the button text based on whether any list item has the 'active' class updateButtonText(anyActive); } document.addEventListener('click', function(event) { var clickedItem = event.target.closest('.subscription-options li'); if (clickedItem) { var checkbox = clickedItem.querySelector('input[type="checkbox"]'); if (checkbox) { checkbox.checked = !checkbox.checked; updateSubscriptionButton(); } } }); FAQs How Much Did the Fed Cut Rates The US Federal Reserve reduced interest rates by 0.25%, lowering the rate to 4.5% on December 18, 2024. What Happened to Crypto Today? The crypto market dropped by 3.29% to $3.51 trillion after the Fed’s 0.25% rate cut. However, trading volume surged by 34.78% to $265.97 billion, indicating increased activity.
