Crypto Market Slump After Fed’s Hawkish Policy Shift

The cryptocurrency market experienced significant sell-offs in response to the Federal Reserve’s hawkish stance announced at its October 29th meeting. Bitcoin and Ethereum, leading cryptocurrencies, both dropped by nearly 4% as investors reacted to the potential for economic instability. The recent shift in policy has raised liquidity concerns, with over $300 million worth of cryptocurrency futures being liquidated during the market turmoil. The Federal Reserve Chair’s comments about a possible pause on interest rate cuts in December further amplified the volatility in the crypto market.