The crypto market has turned red even after the latest FOMC meeting. Bitcoin inches towards the $35,511 mark, and altcoins are getting a beating too.
Bitcoin responded to the Federal Reserve’s 50 basis-point interest rate hike by dropping more than 10% in one day, its most significant decline in two months.
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Most of the crypto market was up early today, with bitcoin hitting $40,000 after yesterday’s Federal Reserve meeting. Other cryptocurrencies that performed well in the early hours are Cardano, Solana, Polkadot, and Avalanche.
The afternoon market dived, and all cryptocurrencies, including Bitcoin, recorded a significant decline. BTC fell 10%, while altcoins also saw a considerable fall.
The second-largest cryptocurrency Ethereum fell by 7.8%; other altcoins also had a major decline. For example, DOGE had dropped 5.4% in the last 24 hours while SAND was down 11.8%.
As the cryptocurrency landscape was bearish last week following a rejection at $40,000, it quickly returned below that level ..
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