Post-rate cut: Bitcoin price fails to reach $95,000 and drags alternative currencies lower

In the past 24 hours, the digital currency market has experienced violent fluctuations after the Federal Reserve meeting, which has been clearly reflected in the trend of Bitcoin and other digital currencies.

The price of Bitcoin (BTC) fell to around $90,000 after a failed attempt to reach $95,000 levels.

Previously, the Federal Reserve announced its third interest rate cut this year, ranging from 3.50% to 3.75%, or 0.25%.

While the decision was expected, it triggered another wave of volatility that pushed the price of Bitcoin above $94,000 before facing strong selling pressure that took it back to $89,600 before the price stabilized above $90,200.

Bitcoin’s market capitalization fell to approximately $1.8 trillion, while its market dominance rose to 57.1%.

As for alternative currencies, there was a sharper decline after a brief rally following the Fed announcement.

Cardano (ADA) was the biggest loser among the top 100 currencies, down around 10% and trading near $0.42.

Tokens such as PUMP, ENA, AVAX, DOT, ICP and DOGE also fell by 6% to 8%.

On the other hand, some currencies recorded positive performance, with HASH rising by about 8% and MemeCore rising by 4%.

The total market value of digital currencies fell by 2.2% to approximately US$3.17 trillion.

Also read:

Bitcoin price rise to 95,000 levels could trigger a wave of liquidations worth $1.2 billion

MANTRA project begins migrating OM cryptocurrency in preparation for network upgrade