Bitcoin Plunge Below $64k as Geopolitical Tensions Rise Following Fed Meeting
Cryptocurrency prices experienced significant drops on Wednesday, as investors shifted their focus to escalating geopolitical tensions following the latest Federal Reserve meeting in July.
Bitcoin (BTC) fell to $63,500 from its earlier position around $66,500 after Federal Reserve Chair Jerome Powell's press conference. This marked a decline of more than 2% over the past 24 hours. Major altcoins, including Ethereum (ETH), Solana (SOL), Avalanche (AVAX), and Cardano (ADA), also saw declines. Ripple's XRP managed to retain some of its gains from earlier in the day. The downturn occurred after the New York Times reported that Iranian leaders ordered retaliation against Israel for the killing of Hamas leader Ismail Haniyeh in Tehran, raising concerns about a wider conflict in the region.
Earlier in the day, the Fed decided to keep benchmark interest rates steady, offering limited guidance on the anticipated rate cut in September. Powell indicated that while no firm decisions have been made, there is a "broad sense" that a reduction in rates is nearing.