Bitcoin dipped below $96,000, while the broad-market CoinDesk 20 Index tumbled 10% on Thursday. The Federal Reserve on Wednesday projected only two rate cuts for 2025, disappointing investors and rattling markets. Crypto prices had enjoyed a relentless rise recently, so a 'pullback like this feels healthy,' said Azeem Khan, co-founder and COO of layer-2 network Morph. An attempt to bounce back above $100,000 quickly faded earlier during the day and slid to the low-$97,000s during the U.S. day.
It modestly recovered to around $98,000 before another leg lower brought prices below $96,000, down 4.8% over the past 24 hours. Altcoins fared much worse, with the broad-market CoinDesk 20 Index diving more than 10% during the same period. Ethereum's ether (ETH) dipped 10.8% to below $3,500, while Cardano's ADA, Chainlink's LINK, Aptos' APT, Avalanche's AVAX and Dogecoin's DOGE all suffered 15%-20% losses. Notably, SOL sank to its weakest price since Nov. 7 — nearly erasing its post-election rally following a 26% plunge from its Over the past 24 hours — roughly since yesterday's rate decision by Fed policy makers — nearly $1.2 billion worth of leveraged crypto derivatives trading positions have been liquidated across all assets,In traditional markets, U.S. stock indexes slightly bounced from Wednesday's lows but gave back part of the pre-market gains during the session. The S&P 500 and the tech-heavy Nasdaq were 0.5% up from the Wednesday close. Crypto prices rose almost vertically since Donald Trump's presidential election victory in early November, buoyed by hopes of pro-crypto policies from his incoming administration. Wednesday's Fed projection of a slower pace of rate cuts for next year and Powell's hawkish tone on rising inflation expectations caught many investors offside, triggering a broad-market selloff across crypto, equities and even gold. The U.S
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