Crypto Price Today: Bitcoin drops below $93,100; XRP, Shiba Inu fall up to 5%
U.S. Federal Reserve's hawkish comments on the Bitcoin Strategic Reserve and a weaker-than-expected inflation forecast for 2025.
Although the Fed implemented a widely anticipated 25-basis-point rate cut earlier this month, its projection of just two rate reductions in 2025 fell short of market expectations for three or four cuts. This cautious outlook dampened investor optimism.
Fed Chair Jerome Powell added to the unease, stating that the central bank had no intention of stockpiling Bitcoin. «We're not allowed to own Bitcoin,» Powell said during a press conference. «That’s a matter for Congress, but we are not seeking a law change at the Fed.»
The remarks, combined with the Fed’s stance, weighed heavily on market sentiment, pushing Bitcoin lower. The cryptocurrency, which had been buoyed by optimism about reduced regulatory interference, saw its rally reverse.
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