Bitcoin, Dogecoin Drop, Ethereum Drop After Fed Vice Chair Pours Cold Water On Rate Cut Expectations: Top Trader Sees BTC At $500,000 And ETH At $20,000

Broader cryptocurrency markets saw declines over the past 24 hours, with total market capitalization dropping 2.01% to $3.17 trillion.

What Happened: Bitcoin briefly dipped below $97,000, touching a low of $96,174.83, while other major altcoins also faced downward pressure. The pullback follows recent remarks from Federal Reserve Vice Chair Philip Jefferson, who urged caution regarding interest rate cuts in the current economic environment.

Jefferson stated Tuesday that the central bank should be careful when adjusting interest rates amid economic uncertainty. His comments aligned with the Federal Open Market Committee's recent decision to maintain the federal funds rate at 4.25% to 4.5%, according to a CNBC report. The Fed has previously cut rates by a total of one percentage point over three meetings after aggressive hikes to combat inflation.

Top Gainers (24-Hours)

Traditional markets painted a mixed picture amid crypto's pullback. The Dow Jones Industrial Average rose 317.24 points, or 0.71%, to close at 44,873.28, while the S&P 500 gained 0.39% ...

Full story available on Benzinga.com