Why are cryptocurrencies down today?
- The Federal Reserve announced a hawkish decision to cut interest rates twice in 2025.
- XRP, Solana and Dogecoin registered losses of nearly 10%.
- The crypto market has seen nearly $700 million in liquidations in the past 24 hours.
Bitcoin and the crypto market are down on Wednesday following the Federal Open Market Committee (FOMC) announcement to slow down rate cuts in 2025, with the benchmark federal funds rate declining to a lower range of 4.25% to 4.50%.
Fed’s rate decision casts shadow on crypto market rally
The Federal Reserve (Fed) cut interest rate on Wednesday by 25bps, lowering the federal funds rate to the 4.25% to 4.50% range following the December meeting.
The decision to cut rates by 25 basis…
