Bitcoin Slides Amid Declining Fed Rate-Cut Expectations
The leading cryptocurrency was trading at $88,640 at 19:45 GMT on Wednesday, following a dip below the $90,000 mark for the first time since April on Tuesday.
According to data from CoinMarketCap, the total value of the global cryptocurrency market, including Bitcoin, declined roughly 5.4% in the past 24 hours to $3.02 trillion.
Bitcoin’s market capitalization fell 5.1% over the previous day, reaching $1.76 trillion, while daily trading activity shrank by 35% to $74 billion.
The weekly losses for Bitcoin extended to 12.5% as of Wednesday. The cryptocurrency had previously dropped to $74,400 in April 2025 after US President Donald Trump’s tariffs sent shockwaves through global financial markets.
Ethereum, the second-largest digital currency by market value, also suffered, decreasing approximately 9.1% to $2,870.
The global crypto market faced pressure from uncertainties around monetary policy and the diminishing likelihood of a Fed rate cut in December.
Minutes from the most recent Federal Reserve meeting, released on Wednesday, indicated that officials were divided over whether a weak labor market or ongoing inflation posed the greater economic threat, and there was no clear consensus on the trajectory of interest rates.
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