Bitcoin and other major cryptocurrencies, including Ethereum, XRP, and Dogecoin, experienced a significant drop in value after Federal Reserve Chair Jerome Powell announced an expected interest rate cut. This move caused a shift away from risky assets like cryptocurrencies and US equities, as investors became wary of the central bank's conservative approach to rate cuts. Bitcoin, the largest digital asset, plummeted by almost 5% in the past 24 hours, reaching a price of $101,430 after hitting a new all-time high of over $108,000 earlier in the week. XRP and Dogecoin also suffered losses, with XRP down 10% and Dogecoin down 9%. The Federal Reserve cut interest rates by 25 basis points, but Powell's cautious statements about further adjustments to policy rates prompted a decline in stocks as well.



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