The post Why Are Bitcoin and Altcoins Down Today? Here’s Why! appeared first on Coinpedia Fintech News
The global crypto market just dropped by 5.66%, leaving many investors wondering what’s going on. Bitcoin, which was recently aiming for a breakout above $109,000, has dropped back to around $104,000. That’s a 3.6% decline in just 24 hours.
And it’s not just Bitcoin—Ethereum, XRP, Solana, and even meme coins like Dogecoin have followed, falling anywhere between 6% to 15%.
So, what’s behind this sudden crash?
Fed Rate Cut Hopes Crushed
The biggest reason seems to be new signals from the U.S. Federal Reserve. After the latest inflation data came out, showing core CPI still above expectations and producer prices rising, the chances of a rate cut in June have nearly vanished.
According to Fed CME tools, the market now has a 97.4% chance that the Fed will not lower interest rates this month. That’s made investors nervous, and it’s showing in crypto prices.
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