US Fed Cuts Rates: Bitcoin Price Plummets

In a bid to stabilize the labor market amidst economic uncertainty, the US Federal Reserve has lowered interest rates by 25 basis points today. This action marks the second rate cut in recent months and comes amid the ongoing government shutdown. The move has triggered a reaction in the crypto market, with Bitcoin’s price dropping over 3% in the past 24 hours to approximately $111,400. Market data reveals liquidations in derivatives markets remain significant at $560 million, while the total cryptocurrency market capitalization stands at $3.86 trillion according to CoinGecko.