Crypto markets have wiped out recent gains amid hawkish sentiment from the US central bank.
Total market capitalization has declined by almost $100 billion in less than 24 hours before and after the Federal Reserve’s meeting on Wednesday. The metric is now at around $2.52 trillion after falling from just below a six-week high of $2.
61 trillion on Wednesday. Over the past 24 hours, around 136,000 traders were wrecked, with total liquidations coming in at $452 million. The majority, or around 85% of them, were leveraged long positions in Bitcoin. The big slump has sent markets back towards the middle of their six-week range-bound channel, wiping out most of the gains from the recent rally.that there may only be one rate cut this year. The US central bank kept rates the same at 3.5% to 3.75% in a widely expected move yesterday. Fed policymakers maintained their forecast for an additional rate cut this year, but Powell suggested that the central bank remains concerned about stubbornly elevated inflation even before the conflict’s impact on fuel prices, “The rate forecast is conditional on the performance of the economy, so if we don’t see that progress, then you won’t see the rate cut,” Powell said. “FOMC events act as volatility catalysts, but their impact depends on the underlying risk regime,” stated Swissblock on Thursday, adding, “In high-risk environments, FOMC days tend to trigger rejection or accelerate downside.” Rate decisions tend to “amplify the existing regime,” they added, explaining that the current regime is “transitioning toward low risk, but it is not fully confirmed yet.” “That means FOMC can still trigger volatility, but in the end, Bitcoin depends more on its own internal strength, flow, and momentum than on macro events alone.”In high-risk environments, FOMC days tend to trigger rejection or accelerate downside.Bitcoin Price Falls Ahead of Crucial Fed Meeting: More Volatility Incoming? President Donald Trump has repeatedly called for “too slow” Powell to reduce rates, but his own actions have had the opposite effect. Trump’s tariffs and now the war in Iran have caused prices to increase, which is likely to result in inflation figures going back up.Ether prices dumped 5.6% and fell below $2,200 while struggling to reclaim that level. Meanwhile, the altcoins were bleeding heavily with larger losses for Dogecoin, Cardano, Chainlink, and Zcash.Santiment. “This is likely due to the fact that the bearish price action related to the lack of cuts already occurred yesterday.”Martin has been writing on cybersecurity and infotech for over two decades. He has previous trading experience and has been covering developments in the blockchain and cryptocurrency industry since 2017.XRP Needs CLARITY Act Momentum to Unlock the Next Critical Price Zone
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