XRP, Ethereum, Solana decline as hawkish Fed chases cryptocurrencies – DL News

The slump in the cryptocurrency market has not subsided this week.

Over the past 24 hours, the price of Bitcoin has fallen by 7.3% and now stands at $94,662. Ethereum fell 13% to $3,213.

The declining market has been particularly harsh for dominant altcoins. Solana fell 14%, Cardano fell 18%, and XRP, the token tied to Ripple, fell almost 13%.

The drawback is the continuation of the bearish sentiment from earlier in the week.

Jerome Powell, Chairman of the Federal Reserve, said on Wednesday, Hint That interest rate cuts would slow in 2025. The price of Bitcoin fell soon after.

“The market is reacting strongly to the expectations made by the Fed regarding interest rate cuts next year,” said Linx Lai, chief commercial officer at cryptocurrency exchange OKX. DL News.

However, the cryptocurrency market is hovering near its post-Donald Trump historic highs wins November sparked a wave of optimism in the industry.

Its total value amounts to about $3.5 trillion, more than double what its market value was at the end of 2023.

“priced”

Lai warned that this week’s decline may continue in the short term, and that prices may remain volatile.

“The approach of the holiday season has historically resulted in lower liquidity conditions,” he said.

He said Trump’s pro-crypto stance is now largely appreciated.

“Traders should remain aware that the path to institutional adoption and policy reform is likely to be gradual rather than immediate, even with potential changes in the US administration,” Lai concluded.

Crypto market drivers

• Bitcoin fell 7.3% over the past 24 hours to $94,662.
• Ethereum price fell 13% in the last 24 hours to $3,213.

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