Interest rate cut lands as a "double-edged sword": Market lacks new catalysts. The Federal Reserve announced a 25 basis point rate cut as expected in the early hours of December 11, Beijing time, bringing the federal funds rate down to the range of 3.5%-3.75%. After this significant expected positive news landed, Bitcoin briefly spiked to 94442, and Ethereum rose to 3445. However, due to the lack of subsequent new catalysts and Powell emphasizing "inflation risks skewed to the upside," concerns about the intensity of easing emerged in the market, and insufficient buying power led to a simultaneous decline in both cryptocurrencies, both breaking key support.
