Crypto Market Plummets: Fed Rate Cut Fails to Boost Sentiment as $70 Billion Lost

The crypto market experienced a significant downturn today, shedding 1.83% in value, resulting in an estimated loss of approximately $70 billion. This decline follows the Federal Reserve’s recent quarter-point rate cut to 3.75%, but Chair Jerome Powell’s comments about persistent inflation dampened investor optimism. His remarks on potential job losses also contributed to the market’s retreat.