Bitcoin and Ether Decline After Fed Rate Cut Announcement
- Bitcoin (BTC) is trading at $90,368.33, down by 2.4% since early Asian trading hours.
- The Federal Reserve cut the benchmark interest rate by 25 basis points to 3.25% on Wednesday.
- Ether (ETH) has decreased by approximately 4%, currently priced at $3,190.
- The Fed indicated only one more potential rate cut in the year of May, disappointing market expectations.
- Two Fed members voted against the rate cut, highlighting internal divisions regarding monetary policy.
The recent Fed actions have led to a cautious market environment, with Bitcoin testing resistance levels below $94k for the third time in two weeks. This reflects growing uncertainty about future monetary policy direction amidst signs of division within the Federal Reserve.
As a result of these developments, Bitcoin’s price remains under pressure with a current value below $90,000 and Ether also experiencing losses.(Source)
