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Core Viewpoint - The cryptocurrency market experienced a significant downturn following the Federal Reserve's interest rate cut, with Bitcoin dropping over $3,500 and falling below the $110,000 mark, leading to a total liquidation of nearly $588 million in contracts within 24 hours [1][3][5]. Cryptocurrency Market Summary - Bitcoin fell by 2.58% to $109,900, Ethereum decreased by 2.45% to $3,882, and XRP also saw a decline of over 2% [3]. - A total of 133,600 traders were liquidated, with long positions accounting for $455 million and short positions for $133 million [3][4]. - The largest single liquidation occurred on Bybit-BTCUSD, valued at $11 million [3]. Federal Reserve Actions Summary - The Federal Reserve cut interest rates by 25 basis points, marking the second cut of the year, which was in line with market expectations [5][10]. - Chairman Jerome Powell indicated that the market's expectations for a December rate cut are "far from certain," which negatively impacted market sentiment [5][6]. - The internal discussions within the Fed revealed differing views on employment and inflation, highlighting a growing divide among policymakers [6][10]. Market Reactions Summary - Following the Fed's announcement, U.S. Treasury bonds experienced their largest single-day drop in nearly five months, reflecting a shift in market expectations regarding future rate cuts [8][9]. - Analysts noted that Powell's comments were aimed at resetting market expectations for December, suggesting that the likelihood of further rate cuts may be limited [8][9]. - The probability of a 25 basis point cut in December is currently estimated at 67.8%, with a 32.2% chance of maintaining the current rate [6].