Crypto market is down

Bitcoin spiked above $94,000 then retreated to $92,000 after the Fed cut rates by 25 basis points on Wednesday

Fed Chair Jerome Powell signaled concern about the labor market while noting inflation remains a problem

The Fed will purchase $40 billion in short-term Treasury bills over the next month starting Friday

Two FOMC members voted against the rate cut, showing disagreement within the committee

Stock futures fell after hours with Nasdaq futures down 1.3% as Oracle dropped 10% on weak earnings

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The Federal Reserve cut interest rates by 25 basis points on Wednesday, sending Bitcoin and stock markets on a volatile ride. Bitcoin initially jumped to $94,400 before falling back to around $92,000, down 0.8% over 24 hours.