Cryptocurrency News

Gold Prices Plunge 4% Following Federal Reserve’s Rate Cuts, Showing Impact Beyond Bitcoin

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Not Just Bitcoin: Gold'S Price Dropped 4% In Hours After Fed'S Latest Rate Cuts Comments

The cryptocurrency market and other markets experience volatility

There has been increased volatility in the cryptocurrency market in the past 12 hours, resulting in nearly $1 billion in liquidations. Bitcoin was one of the least affected assets, with its price dropping from around $71,000 to $65,000 before bouncing back to approximately $67,000.

Market Volatility Across Different Industries

Altcoins experienced significant declines, while more mature industries like the US stock markets also saw price drops. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all fell within minutes. Even gold, known for stability, decreased by 4% from its all-time high of $2,433 to $2,333.

Geopolitical tensions in Europe and the Middle East had propelled gold’s gains, but recent comments from US Federal Reserve officials, such as Raphael Bostic and Mary Daly, affected all markets. They suggested a delay in the central bank’s policy pivot, refuting rumors of interest rate cuts.

Implications for the Market

Despite potential volatility in riskier markets like crypto and Wall Street, gold’s safe-haven status may protect it. While the greenback strengthened against other currencies due to higher interest rate expectations, the crypto market remains in the red but has shown signs of recovery since the recent lows.

The upcoming Bitcoin halving event is anticipated as a catalyst for a new bull run, offering promising signals for the market in the coming weeks.

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