{"id":611448,"date":"2024-12-19T09:28:15","date_gmt":"2024-12-19T09:28:15","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=611448"},"modified":"2024-12-19T09:28:15","modified_gmt":"2024-12-19T09:28:15","slug":"bitcoin-plunges-then-reclaims-100k-amid-fed-caution-on-rate-cuts-as-meme-coins-tumble","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-plunges-then-reclaims-100k-amid-fed-caution-on-rate-cuts-as-meme-coins-tumble","title":{"rendered":"Bitcoin Plunges, Then Reclaims $100K Amid Fed Caution On Rate Cuts As Meme Coins Tumble"},"content":{"rendered":"
Bitcoin plunged after US Federal Reserve Chair Jerome Powell said the central bank will be “cautious” on rate cuts in coming months, but bounced back above $100K even as meme coins plummeted.<\/span><\/p>\n Following the Fed’s announcement of a 0.25% interest rate cut on Dec. 18, BTC briefly dipped below six figures as Powell said the central bank will likely slow monetary easing in the coming months, a more cautious stance that spooked digital asset investors.<\/span><\/p>\n While BTC<\/span><\/a> dropped to a low of $98,792.67 in the last 24 hours, m<\/span>eme coins plummeted more than 8% with Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) all suffering steep declines. Bitcoin is trading down 2.4% at $101,738 as of 4:14 a.m. EST.<\/p>\n <\/p>\n The overall crypto market tumbled more than 3% to a market cap of $3.52 trillion.<\/span><\/p>\n Meme coins felt the brunt of the sell off in the digital asset space<\/span>. Canine-themed Dogecoin (DOGE) and Shiba Inu (SHIB) saw their prices fall more than 5% and 6%, respectively. Frog-themed Pepe (PEPE) as well as Solana meme coins Bonk (BONK) and Dogwifhat (WIF) underwent a more than 10% correction. <\/span><\/p>\n JUST IN: The Federal Reserve cut interest rates (as expected) by a quarter point to 4.25 to 4.5%. <\/p>\n 1 person voted against the cut.<\/p>\n ***The big news is the Fed projects higher inflation in 2025 and only 2 interest rate cuts next year*** pic.twitter.com\/mzsRh3Z6ea<\/a><\/p>\n — Heather Long (@byHeatherLong) December 18, 2024<\/a><\/p><\/blockquote>\nMeme Coin Bloodbath Sees Leaders DOGE, SHIB, PEPE And BONK All Plunge<\/span><\/h2>\n
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