In accordance with DailyCoin, the cryptocurrency market experienced a significant correction following the Federal Reserve's latest economic outlook. On Friday night, major cryptocurrencies, including Bitcoin, Dogecoin, Solana, Cardano, and Ethereum, saw sharp declines. Bitcoin dropped 4.6% to $95,875, retreating from its record high earlier in the week. Dogecoin experienced the steepest fall, dropping 15% to $0.3066. The overall market correction reduced the total crypto market value by 6.75%, now standing at $3.28 trillion. This downturn was triggered by the Fed's announcement of higher-than-expected inflation and unemployment projections for 2025, despite a 0.25% interest rate cut. The Fed's cautious stance on future rate cuts unsettled investors, highlighting the ongoing volatility in the crypto market.
Crypto Market Corrects as Bitcoin Drops 4.6% Amid Fed's Economic Outlook
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