The cryptocurrency sector valuation fell below the $3.5 trillion mark on Thursday, with a 10.7% decline reflecting $390 billion worth of outflows. The crypto market dip has been linked to the US Federal Reserve hinting at a hawkish stance for 2025. Etherum and Solana suffered double-digit losses as investors' skittish reaction triggered a market-wide meme coin sell-off. The Federal Reserve's (Fed) 25-basis-point rate cut on Wednesday aligned with market expectations.
However, it was overshadowed by hawkish comments from Chair Jerome Powell signaling fewer rate cuts in 2025. This triggered an immediate negative response from crypto traders. Within 24 hours of the FOMC meeting, the global crypto market lost 10.7%, erasing over $390 billion in market value, as per Coingecko data. Risk sentiment further deteriorated, with meme coins — known for their high volatility and low liquidity — experiencing the sharpest declines. Major meme coins like DOGE, SHIB, and WIF posted steep losses, while Ethereum and Solana, two leading blockchains for hosting meme coins, also suffered significant price drops. This highlights how the Fed's hawkish stance dampened risk appetite across the crypto market.
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