Bitcoin Plunges, Then Reclaims $100K Amid Fed Caution On Rate Cuts As Meme Coins Tumble
Bitcoin plunged after US Federal Reserve Chair Jerome Powell said the central bank will be “cautious” on rate cuts in coming months, but bounced back above $100K even as meme coins plummeted. Following the Fed’s announcement of a 0.25% interest rate cut on Dec. 18, BTC briefly dipped below six figures as Powell said the central bank will likely slow monetary easing in the coming months, a more cautious stance that spooked digital asset investors. While BTC dropped to a low of $98,792.67 in the last 24 hours, m eme coins plummeted more than 8% with Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) all suffering steep declines. Bitcoin is trading down 2.4% at $101,738 as of 4:14 a.m. EST. Meme Coin Bloodbath Sees Leaders DOGE, SHIB, PEPE And BONK All Plunge The overall crypto market tumbled more than 3% to a market cap of $3.52 trillion. Meme coins felt the brunt of the sell off in the digital asset space . Canine-themed Dogecoin (DOGE) and Shiba Inu (SHIB)...