Why is Crypto Down Today?
TLDR
- Bitcoin spiked above $94,000 then retreated to $92,000 after the Fed cut rates by 25 basis points on Wednesday
- Fed Chair Jerome Powell signaled concern about the labor market while noting inflation remains a problem
- The Fed will purchase $40 billion in short-term Treasury bills over the next month starting Friday
- Two FOMC members voted against the rate cut, showing disagreement within the committee
- Stock futures fell after hours with Nasdaq futures down 1.3% as Oracle dropped 10% on weak earnings
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The Federal Reserve cut interest rates by 25…
