Bitcoin Falls Below $63K Despite The Fed Cutting Interest Rates

The crypto markets had a solid week, but pullbacks are now visible across the charts. On a daily basis, altcoins are also showing losses, with the largest corrections affecting TON, AVAX, and NEAR among the major cryptocurrencies.

Just A Taste

After the Fed finally decided to cut interest rates, Bitcoin peaked at $64,000 but has since fallen by about $1,000, currently trading around $63,000. The week started with Bitcoin dropping to below $58,000 on Monday. Following the decision to cut rates by 0.5% on Wednesday, Bitcoin surged past $61,000 but could not maintain its upward trajectory.

The market cap of the flagship crypto is also just under $1.25 trillion, with its dominance over altcoins decreasing to 54.3%. Moreover, various altcoins, which initially saw notable gains, are now stabilizing. ETH, XRP, BNB, TRX, and SHIB have moved less than 1%, while SOL, DOGE, ADA, LINK, and BCH have dropped by 1% to 2%.

Notable declines include Toncoin, Avalanche, and NEAR. WIF has dropped nearly 10%, leading losses among the top 100 altcoins. The total crypto market cap has similarly decreased by about $40 billion, now below $2.3 trillion.

Other Markets

Some money managers are expressing concerns that the market seems overly relaxed about current issues, especially as the bold move to cut interest rates has pushed already high valuations even higher. At the Morgan Stanley Australia Summit, the Australian Treasurer shared optimistic insights about making progress in the fight against inflation.

In tech news, chipmaker Qualcomm is reportedly considering acquiring Intel, indicating potential shifts in the industry. In Brazil, a judge has imposed a ban on X while Elon Musk contests top court orders, though he has agreed to comply with legal directives. Market reactions are buzzing as polls suggest a landslide victory for Modi, reigniting global interest in Indian stocks during this ongoing bull run. Coffee roasters are bracing for price increases due to dwindling reserves in Vietnam, while a soggy crop in Asia signals continued price hikes for caffeine lovers.

Lastly, hedge fund titans are nurturing a $14 billion group of startup cubs. While these new firms boast substantial investor capital, their ability to replicate the success of their established predecessors remains uncertain.