Crypto market wipes out $150 billion in a day amid new tariffs
Main Idea
The Federal Reserve's decision to keep interest rates unchanged led to a significant drop in the cryptocurrency market, with Bitcoin and Ethereum reaching multi-week lows and altcoins experiencing even steeper declines.
Key Points
1. The Federal Reserve maintained its benchmark interest rate at 4.25–4.5%, citing the need for more economic data before considering cuts.
2. The crypto market lost over $150 billion in value in a single day, dropping from $3.89 trillion to $3.74 trillion.
3. Bitcoin (BTC) fell to $114,400, its lowest price in three weeks, while Ethereum (ETH) dropped 4.94% to $3,628.
4. Altcoins like XRP and SPX6900 saw significant declines, with XRP dropping 7.38% and SPX6900 plunging 17.44%.
5. Traders on Polymarket predict a 60% chance of zero to one Fed rate cuts by the end of 2025.
Description
Just last week, President Donald Trump voiced his optimism that the Federal Reserve would soon start cutting interest rates after a private meeting with Chair Jerome Powell. However, upon the central bank’s decision to leave interest rates unchanged, things took a drastic turn on Thursday, July 31. Namely, the Federal Reserve kept its benchmark rate at 4.25–4.5%, citing the need for more economic data before making any cuts. The crypto market reacted negatively following the news, with over $150...
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