The crypto market is once again hit by a correction. Market capitalization plummeted 2.51% to US$3.08 trillion, and more than 143 thousand traders were liquidated for a total of US$510 million (Rp8.5 T).

Bitcoin became the largest contributor after falling to US$89,000.

The main trigger: The Fed officially cut the interest rate by 25 bps to 3.50%–3.75%, the third and final cut in 2025.

The problem is, this decision has not been unanimously accepted by institutions, and the market is now doubtful whether the Fed will truly be “dovish” next year.

The drama is heating up with rumors that Jerome Powell could be fired before the end of the year, making sentiment even more fragile.

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