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In the last 24 hours, the cryptocurrency market has experienced a significant downturn, largely influenced by the latest Federal Reserve rate hike decision. The leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), saw substantial declines, with other notable digital assets following suit.
At the time of making this report, Bitcoin, the largest cryptocurrency by market capitalization, had witnessed a 3.8% drop in its value. Ethereum, the second-largest crypto, fared even worse, plummeting by 6%. Also, Ripple-affiliated XRP, despite the anticipation surrounding the Hinman Documents, hangs on to a 24-hour loss of 5.3%, according to data from CoinMarektCap.
Down the ladder, Cardano (ADA), meme coin Dogecoin (DOGE), and Tron (TRX) were not spared either, with ADA experiencing a decline of 5.3%, DOGE seeing a more moderate decrease of 1.3%, and TRX falling by 3%.
Cryptocurrency Market Slump Attributed to Fed’s Rate Decision
The crypto market’s negative trajectory is widely attributed to the Federal Reserve’s decision to maintain steady rates for the first time in over a year, despite persistent inflation above the central bank’s 2% target. This move has sparked uncertainty among investors, as Fed officials have signaled the likelihood of future rate hikes later this year.
source: tradingeconomics.com
Renowned market expert Jeffrey Gundlach of DoubleLine Capital noted the uncertain path of rate hikes, despite a consensus on the necessity of further increases. In a recent tweet, market technician Ryan Detrick highlighted that 12 out of 18 Fed members anticipate at least two additional rate hikes in the coming months. The median terminal rate of 5.6% proposed by the Fed appears “more hawkish” than expected, exacerbating concerns in the cryptocurrency market.
So 12 of 18 Fed members see two hikes left in ’23.
Yet, ‘the market’ is saying less than a 7% chance of two hikes in ’23.
What gives here? Lack of trust given their history? They are following lagging data again (as Gundlach said on CNBC)? Something else? pic.twitter.com/6061r1MJeF
— Ryan Detrick, CMT (@RyanDetrick) June 15, 2023
With investors reacting to the prospect of higher interest rates, the reverberating impact has been felt across the cryptocurrency market. Traders and enthusiasts are closely monitoring the situation as they assess the implications of the Fed’s stance on the future performance of digital assets.
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