Daily Crypto Signals: Markets React to Fed Rate Cut, PENGU Token Makes Waves
After the Federal Reserve’s most recent rate decision, Bitcoin dropped below $102,000, which caused great volatility in the cryptocurrency market. Newcomer Pudgy Penguins (PENGU) bucked the general market trend with amazing gains.
Crypto Market Developments
The third successive easing action of the Federal Reserve this year, its 25-basis-point rate decrease to the 4.25%-4.50% range set off a selloff in digital assets. Market anxiety was exacerbated by Fed Chair Jerome Powell’s hawkish attitude during the news conference, suggesting less rate decreases than before expected until 2025. Regarding the prospect of a government Bitcoin reserve, Powell underlined that under present laws the Federal Reserve is “not allowed to own bitcoin”.
Bitcoin Tests $100K
After Powell’s remarks, the top cryptocurrency dropped over 5% to $101,000, from previous levels roughly $104,000. The fall came as the Fed’s revised economic forecasts showed predictions for greater inflation in 2025, with PCE projections climbing to 2.5% from September’s projection of 2.1%.
Altcoins See Double-Digit Losses Too
With XRP/USD, Cardano’s ADA/USD, and Litecoin’s LTC/USD all seeing over 10% losses over the past 24 hours, major cryptocurrencies saw more sharp falls. Driven mostly by the PENGU token launch, Solana’s network reached a notable milestone—processing a record 66.9 million daily transactions—above the aggregate activity of all other important blockchains.
PENGU a Bright Spark with 25%+ Gains
Trading at $0.35 with a 25% rise over the past 24 hours, Pudgy Penguins (PENGU) have emerged as a bright light in a clear contrast to the more general market collapse. Though the floor price of the related NFT collection dropped from 34 ETH to 16 ETH, the token’s successful release saw about 760,000 wallets claiming over 15.5 billion PENGU tokens. PENGU, with a market valuation of $2.09 billion, has rapidly become among the top 60 cryptocurrencies proving great community involvement despite first price instability.
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