The crypto market is experiencing a downturn as investors consider cautious remarks from top officials at the Federal Reserve regarding interest rates. Federal Reserve Governor Michelle Bowman wants to see further progress on inflation before lowering interest rates. This sentiment is consistent with previous comments from other Fed officials, including Fed Chair Jerome Powell, who has emphasized a patient approach to rate cuts. The release of recent economic data pushed back rate-cut expectations until the second half of 2025. As a result, the majority of cryptocurrencies have decreased in value, with nearly $279 million being liquidated in the last 24 hours. Bitcoin only experienced a slight decline, while other cryptocurrencies such as Ethereum, XRP, Cardano's ADA, and BNB Chain's BNB fell around 4%. Solana's SOL dropped 8%, and meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) fell approximately 5%. Investors are eagerly anticipating the release of FOMC meeting minutes and Fed meeting minutes for insights into the Federal Reserve's future plans for interest rates.



Other News from Today