On a Tuesday that felt like a Monday, cryptocurrency prices decided to take a nosedive, as if they were auditioning for a tragic opera. Market participants, clutching their wallets, awaited the Federal Reserve’s second interest rate decision of the year, hoping for a miracle but expecting a disaster.
Pi Network (PI), the token that once promised riches with a tap, was now tapping out, down by almost 13%. JasmyCoin (JASMY) wasn’t far behind, shedding 6% of its value, while Litecoin (LTC) and Ethena (ENA) decided to join the pity party, each falling by over 5%. 🎭
The total market cap of all cryptocurrencies took a 1.70% hit, shrinking to $2.7 trillion. Over the past few months, more than $1 trillion has vanished into thin air, as if it were a magician’s trick gone wrong. Total liquidations in the last 24 hours climbed to over $227 million, leaving investors wondering if they should’ve just invested in a good therapist instead.
The crypto sell-off wasn’t alone in its misery. The stock market decided to join the fun, with the Dow Jones index dropping 410 points and the tech-heavy Nasdaq 100 falling 350 points. Even the blue-chip darlings like NVIDIA, Tesla, Microsoft, and Apple couldn’t escape the carnage, each dropping by over 1%. 📉
The ongoing crypto and stock market crash is, of course, all about the Federal Reserve’s upcoming interest rate decision. The Fed has already started its two-day meeting, with the final decision expected on Wednesday. Spoiler alert: they’re likely to leave interest rates unchanged at 4.50%. But traders, ever the optimists, will be scrutinizing the quarterly dot plot for any hints about the next rate cut. 🕵️♂️
Stocks and crypto investors are clinging to the hope that the recent sell-off and the rising fear of a recession might convince some Fed official to turn dovish. A Fed put could be the catalyst Bitcoin (BTC) and altcoins like Pi Network, Ethena, Jasmy, and Litecoin desperately need. As one analyst told Bloomberg:
“The ongoing trade tensions and tariff implementations have introduced significant uncertainty. Investors are eager to understand how these policies are influencing the Fed’s economic outlook, especially concerning inflation and growth projections.”
Bitcoin and these altcoins also took a hit after Ki Young Ju, a popular analyst and the founder of CryptoQuant, declared that the bull market was over. He said:
“I’ve been calling for a bull market over the past two years, even when indicators were borderline. Sorry to change my view, but it now looks pretty clear that we’re entering a bear market.”
On the bright side, a more dovish Fed stance could give Bitcoin and altcoins a much-needed boost — similar to the market reaction during the onset of the COVID-19 pandemic. Back then, cryptocurrencies initially crashed but rebounded strongly after the Fed slashed interest rates. So, there’s still hope, or at least a glimmer of it, in this otherwise bleak landscape. 🌈
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2025-03-18 20:59