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Crypto Market Sees Red as Fed Pauses Rate Hikes

Crypto Market Sees Red as Fed Pauses Rate Hikes

The U.S. Federal Reserve, in its September meeting, decided to maintain the status quo on interest rates, a move that was widely anticipated. Following the announcement and comments from Fed Chair Jerome Powell hinting at potential future rate hikes to tackle inflation.

Bitcoin experienced a dip, momentarily falling below the $26,900 mark. Ether also saw a decline, although it managed to stay above the $1,600 support level. The majority of the top 10 non-stablecoin cryptocurrencies recorded losses over the last 24 hours.

Toncoin, among the top 10 cryptocurrencies by market capitalization, experienced the most significant drop, mirroring the trend seen in most other cryptos, with Dogecoin being an exception. The rest of the month could see subdued prices due to crypto liquidations by FTX.

Crypto Market Ended the Day in a Downtrend

After experiencing a sharp price increase, Toncoin saw a downturn, dropping 7.28% bringing its value down to $2.35. Despite this setback, TON’s weekly chart still shows an upward trend of over 25%, largely due to the announcement of a partnership between Telegram and Toncoin last week.

Crypto Market Ended the Day in a Downtrend

Bitcoin, the number one cryptocurrency, experienced a slight decrease of 1.94% over the last 24 hours, bringing its value down to $26,567, as per data from CoinMarketCap.

In other financial news, the Federal Reserve has decided to halt its cycle of rate hikes, a move that was widely anticipated. The interest rate will remain between 5.25% and 5.50%, marking its highest point in over two decades. 

Projections for the end of 2023 have been adjusted to 5.6%, suggesting another rate increase within the year. Furthermore, the forecast for the end of 2024 has been revised to 5.1%.

Ether, the second most valuable cryptocurrency globally, experienced a decrease of 1.09%, bringing its value down to $1,618. The majority of the top 10 cryptocurrencies also saw a decline, except Dogecoin, which saw a slight increase of 0.31% to $0.06258.

The overall market capitalization of cryptocurrencies saw a decrease of 0.65% over the past 24 hours, bringing it down to $1.07 trillion. Additionally, the market volume also fell by 3.77% to $27.66 billion, as per data from CoinMarketCap.

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