Crypto Daily – A 5.7% slide in the price of ($BTC) was caused by remarks from Fed Chair Powell at the FOMC meeting on Wednesday. The Chairman said that there may only be two rate cuts for 2025. This news plunged all markets into the red, and Bitcoin sank to just above $100,000.
Powell speech sends markets crashing
Wednesday’s FOMC meeting ended with the customary speech from Federal Reserve Chairman Jerome Powell. it was announced that there would be a 25 basis points rate cut, which the market was ready and prepared for. However, as his speech continued, he let it be known that there would likely only be two more adjustments to come for the whole of 2025.
On top of this, the newly updated dot plot chart which has the future rate expectations of all the individual Fed members, was actually pointing to a rate rise of 50 basis points.
As the news sunk in, the U.S. stock market plunged heavily, while the dollar rocketed to the upside. Bitcoin fell around $6,000…
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