Bitcoin slips below $64,000 after Fed Chair Powell signals smaller rate cuts
Federal Reserve Chair Jerome Powell's comments dampened expectations of significant interest rate cuts. Bitcoin fell below the $64,000 mark, while Solana, XRP, and Dogecoin also experienced declines.
Fed Chair Powell indicated on Monday the U.S. central bank would likely stick to quarter-percentage-point cuts henceforth after new data boosted confidence in economic growth and consumer spending.
Investors are also keeping an eye on rising geopolitical tensions after Israel's ground invasion of Lebanon appeared to be getting underway early on Tuesday.
As of 1:07 pm IST, Bitcoin had slipped 0.9% to $63,935, while Ethereum rose 0.3% to $2,644. Meanwhile, The global cryptocurrency market cap fell by 0.91% to approximately $2.25 trillion in the past 24 hours.
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View Details»«Profit-taking and uncertainty surrounding comments made by the Federal Reserve on interest rates are attributed to the recent sell-off,» said Shivam Thakral, CEO of BuyUcoin.
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