Bitcoin Tumbles After Rate Cut. Risk Off in Crypto?

Core Insights - The Federal Reserve chairman Jerome Powell indicated that another interest rate cut in December is not guaranteed, leading to a sell-off in stocks and other risk assets [1][2]. Market Reactions - Bitcoin prices dropped by 3% to approximately $110,000 following Powell's comments, marking a significant decline in the cryptocurrency market [2]. - Other major cryptocurrencies, including ethereum and XRP, also experienced declines, reaching their lowest levels of the day after the announcement [2].