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Crypto News > Blog > News > Bitcoin > Bitcoin, XRP and Dogecoin Fall Fast After FED Rate Cut | Keynote
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Bitcoin, XRP and Dogecoin Fall Fast After FED Rate Cut | Keynote

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Last updated: 2024/12/18 at 7:14 PM
Crypto Published December 18, 2024
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Bitcoin, XRP and Dogecoin Fall Fast After FED Rate Cut
 | Keynote
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Contents
In summaryDaily Debrief NewsletterCrypto Keynote USA

In summary

  • Bitcoin fell 5% to $101,430 following the Fed’s rate cut and a cautious approach to future adjustments.
  • XRP and Dogecoin down 10% and 9% respectively; traders lost $690M in liquidations in 24 hours.
  • Powell ruled out the possibility of the Fed owning Bitcoin, despite Republican and incoming President Trump’s proposals on creating strategic reserves.

Bitcoin and other major assets like Ethereum, XRP, and Dogecoin fell rapidly after Federal Reserve Chairman Jerome Powell announced an expected interest rate cut. The move apparently steered investors away from “risky” assets such as cryptocurrencies and US stocks following the announcement that the central bank would not make aggressive cuts in 2025.

The largest digital asset by market cap is now trading at $101,430 after plunging following the Fed press conference. Over the past 24 hours, BTC has fallen sharply by nearly 5%, after setting a new all-time high early Tuesday. above $108,000.

XRP is down 10% on the day, adding to earlier losses after a rally on Tuesday, while Dogecoin is down 9% sliding to a price of $0.363—the lowest level seen in a month for the top memecoin.

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The Fed cut interest rates by 25 basis points. But Powell said the bank “may be more cautious in considering additional adjustments to our policy rate.” Stocks also fell on the news as traders took precautions.

Traders who were betting that the price of cryptocurrencies would rise in the future saw their long positions liquidated. In the last 24 hours, more than $690 million in positions were closed, according to CoinGlass. Most of that figure was in long positions, and more than $300 million of the total liquidations occurred in the last hour alone.

Bitcoin and other cryptocurrencies have benefited greatly from low interest rates because, like stocks, they tend to experience more volatile price movements.

The US central bank aggressively raised interest rates in 2022 in an attempt to control inflation after the COVID-19 pandemic, making Bitcoin less attractive.

Now the narrative has changed. President-elect Donald Trump has also said — along with other Republicans — that the United States could keep the Cryptocurrency in a strategic reserve.

But when asked Wednesday about such a plan, Powell said the Federal Reserve “is not authorized to own Bitcoin” and is “not seeking a change in the law.”

Edited by Andrew Hayward

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Editor’s note: This story was updated after publication with additional details.

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