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HomeFinance NewsGold prices Plummeted 4% following Fed's Rate Cuts Comments in Hours.

Gold prices Plummeted 4% following Fed’s Rate Cuts Comments in Hours.

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In the past 12 hours, the cryptocurrency market experienced significant volatility, resulting in nearly $1 billion in liquidations. While Bitcoin managed to weather the storm better compared to other assets, it still saw a price drop from $71,000 to $65,000 before recovering to around $67,000. The altcoins faced even deeper plunges, reflecting a broader trend of market instability that also impacted more traditional industries like the US stock markets and even gold.

Despite being considered a stable asset during times of crisis, gold suffered a 4% decrease within hours, dropping from its all-time high of $2,433 to $2,333. This decline came after geopolitical tensions in Europe and the Middle East had boosted the price of gold, leading to its record highs against the dollar. The market’s reactions were partly triggered by comments from key US Federal Reserve officials, who dismissed rumors of imminent interest rate cuts, causing uncertainty across various financial sectors.

While the crypto market remains in a state of flux, with billions exiting the market within hours, there are glimmers of hope on the horizon. The upcoming Bitcoin halving, scheduled for the near future, is viewed as a potential catalyst for a new bull run, historically speaking. Despite the challenges and uncertainties ahead, the market is showing signs of resilience and potential for growth in the coming weeks.

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