Bitcoin, Ethereum, Dogecoin Prices Drop Ahead of Rate Cuts

Leading Cryptocurrencies Drop Amidst Anticipation of Fed Chair Speech

On Monday, prominent cryptocurrencies Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) experienced price declines as investors eagerly awaited the address from Federal Reserve Chair Jerome Powell regarding possible interest rate adjustments.

Bitcoin

Bitcoin, the cryptocurrency with the highest market capitalization, has maintained strong momentum, while Ethereum has faced volatility. Dogecoin, despite its devoted community, has faced challenges in sustaining its value.

Bitcoin briefly surpassed $66,000 before dipping to $64,247 overnight. Despite this fluctuation, Bitcoin surged by 8.90% in September, a significant gain compared to its historical average loss of 3.47%. This rally was fueled by the Fed's 0.5% interest rate cut earlier in the month.

Source: Bitcoin Price Chart | CoinMarketCap

Ethereum

Ethereum, currently trading around $2,600, also underwent fluctuations. Concerns arose among traders as large investors executed transactions involving $45 million worth of ETH. As of now, Ethereum's price is $2,620, a 1.88% decline in the past 24 hours.

Dogecoin

According to CoinMarketCap, Dogecoin experienced a marked drop, plummeting by 6.37% to $0.1211 within the past 24 hours. This downward movement is attributed to bearish sentiment and increased short selling. Nevertheless, Dogecoin remains popular due to its loyal following.

Market Analysis

The total market capitalization for cryptocurrencies is currently at $2.29 trillion, down by 0.77% over the past day. Investors are closely observing Powell's speech for indications regarding interest rate cuts, which may impact the market's trajectory.

The recent decline in Bitcoin, Ethereum, and Dogecoin reflects cautious investor sentiment ahead of crucial economic updates. Market players are keen to witness the potential impact of interest rate cuts on cryptocurrency prices in the future.