Bitcoin, Ethereum, XRP, Dogecoin Plummet Despite Anticipated 25 Basis Point Rate Cut
By Benzinga
Cryptocurrency markets are trading lower on Wednesday despite the Federal Reserve announcing a 0.25% rate cut in its latest FOMC meet.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $102,173.74 | -3.9% |
| Ethereum (CRYPTO: ETH) | $3,714.81 | -5.5% |
| Solana (CRYPTO: SOL) | $210.29 | -7.3% |
| XRP (CRYPTO: XRP) | $2.36 | -9.3% |
| Dogecoin (CRYPTO: DOGE) | $0.3654 | -8.4% |
| Shiba Inu (CRYPTO: SHIB) | $0.00002458 | -8.2% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume decreasing by 3.4% and daily active addresses falling by 12.8%. Transactions greater than $100,000 are down from 16,509 to 14,557 in a single day. Exchanges netflows are up by 94%.
- Coinglass data reports 148,690 traders were liquidated in the past 24 hours for $367.69 million.
- Crypto chart analyst Ali Martinez noted that in last three FOMC meetings, BTC dominance dropped and altcoins rebounded. He is curious to see what happens now.
Notable Developments:
- Hong Kong Approves Four New Crypto Exchanges, ‘Positioning Itself As A Key Hub,’ Expert Says
- Token-Based M&A Deals Face Growing Hurdles As Crypto Firms Seek Survival Options
- MicroStrategy’s Aggressive Bitcoin Strategy Raises Eyebrows In Crypto Community
- Bybit Suspends Crypto Operations In France Amid Rising Regulatory Tensions
- CleanSpark Is Outpacing Bitcoin Mining Peers Wednesday: What’s Going On?
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Pudgy Penguins (CRYPTO: PENGU) | $0.03542 | +14.4% |
| Bitget Token (CRYPTO: BGB) | $4.17 | 6.6% |
| Virtuals Protocol (CRYPTO: VIRTUAL) | $2.67 | +2.7% |
Trader Notes: With Bitcoin prices continuing to drop after the Federal Reserve’s 0.25% interest rate cut, crypto trader Jelle notes that Bitcoin is still holding key support levels, stating, “Time to let the post-event dust settle, and then we can get this show on the road; price discovery.”
Trader Scient highlighted Bitcoin’s rejection at the channel top near $108,000, an expected move. However, he remains optimistic about the bullish trend within the uptrend channel, adding, “These tend to break to the upside.”
Scient suggests bidding around the $99,000-$100,000 range if a breakdown occurs. For a breakout, he is targeting $118,000 and $130,000 as potential local tops by January 2025.
Crypto chart analyst Ali Martinez outlined three correction phases leading to a potential bull market peak at $220,000, drawing parallels to Bitcoin’s patterns from 2017 and 2020.
In another tweet, Martinez identified $105,400 $105,400 as a critical level for invalidating the bearish outlook, noting that Bitcoin has already “broken out of a head-and-shoulders pattern, projecting a target of $99,000.”
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Image: Shutterstock
