As has been the case for recent meetings, this decision was generally вЂњas expectedвЂќ by the market, with a near ~100% implied probability of at least a 25 bps reduction reflected in the futures market since early August. Policy Normalization on Target: In spite of one member voting for a 50 bps reduction and two members voting for no change, the FOMC voted to reduce the Fed Funds rate by 25 bps to a targeted range of 1.75% to 2.00%. Like bitcoin, sell offs continue for Binance's BNB token ( BNB-USD) down 1%, Tron ( TRX-USD), down 9%, and Polygon's MATIC token ( MATIC-USD), down over 3%.Дavid Hollerith covers cryptocurrency for Yahoo Finance. Major cryptocurrencies such as Solana ( SOL-USD), up about 6%, CardanoвЂ™s ADA token ( ADA-USD), up around 4%, Chainlink ( LINK-USD), up 15%, Polkadot's DOT token ( DOT-USD), up 5%, and Avalanche's AVAX token ( AVAX-USD), up 1%, have all seen gains on the day. вЂњThe market is still digesting what this could mean,вЂќ she said, adding that even if the firm reopens withdrawals, Celsius could see a wave of redemptions that could trigger further selling. Since pausing withdrawals Sunday evening, the crypto lender has вЂњbecome a forced seller of other assetsвЂќ according to Acheson. In addition to the Fed announcement, traders are also waiting for more clarity on issues related to Celsius NetworkвЂ™s solvency, Noelle Acheson, head of insights with Genesis Trading told Yahoo Finance. The major crypto exchange is the latest of crypto firms announcing layoffs including competitor exchanges Gemini and as well as the lender BlockFi, which have all named вЂњcrypto winterвЂќ as the primary reason for the cuts. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron at Times Square in New York, U.S., April 14, 2021.

People watch as the logo for Coinbase Global Inc, the biggest U.S.

In past crypto winters, trading revenue (our largest revenue source) has declined significantly.'

'A recession could lead to another crypto winter, and could last for an extended period. вЂњWe appear to be entering a recession after a 10+ year economic boom,' Coinbase founder and CEO Brian Armstrong said this morning in a blog post. Another crypto plunge might not see major support until the 2019 summer high around the $14,000 level,вЂќ Moya went on to say.ДЄlso drawing headlines on Tuesday was an announcement from Coinbase ( COIN) that the company would be laying off 1,100 employees, or 18% of its workforce, in a bid to remain financially sound. вЂњIf Bitcoin breaks below the $20,000 level, support might not emerge until the $17,000 level. вЂњIf Wall Street gets a very hawkish decision and press conference, Treasury yields and the dollar could surge once again and that would test the line in the sand many crypto traders have drawn,вЂќ noted Edward Moya, senior market analyst at Oanda. Meanwhile, ether ( ETH-USD) trades at $1,236 per coin, a 1.31% gain on the day after seeing some of the worst losses of major cryptocurrencies Sunday through Monday.ДЄccording to DeFi Llama, the total market capitalization of stablecoins is currently $158 billion, down 16.4% from its May 1 peak of $189 billion, a 1% loss on the day.ДЄnalysts remain extremely cautious as investors await the Federal ReserveвЂ™s Wednesday FOMC meeting and press conference. This content is not available due to your privacy preferences.

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