The cryptocurrency market faces renewed pressure as the US Federal Reserve (Fed) delays the interest rate cut for a second consecutive meeting, pushing down Bitcoin (BTC) below $72,000 and prompting a market-wide liquidation of more than $450 million over the last 24 hours. Amid such conditions, LayerZero (ZRO), Bonk (BONK), and Zcash (ZEC) are leading the losses with nearly double-digit losses over the same time.

Delay in rate cuts weighs down on the crypto market

The US Fed Chair Jerome Powell has announced that the interest rate will remain unchanged for the second consecutive meeting this year, while the PCE inflation forecast for 2026 has increased to 2.7%. The Fed reached the decision with an 11-1 vote, with Fed Governor Miran…