The crypto market loses $90 billion in just one hour
The cryptocurrency market lost approximately $90 billion of its value within just one hour, in one of the fastest sudden downturns this year.
The total market capitalization dropped from about $3.11 trillion to around $3.02 trillion, before stabilizing later near the $3.03 trillion mark.
This decline came amid a state of volatility in the crypto market following the U.S. Federal Reserve's decision to cut interest rates by 25 basis points. A decrease in interest rates is generally viewed as a supportive factor for high-risk assets like Bitcoin, as investors tend to move away from holding dollars in search of higher returns.
However, the cryptocurrency market did not react this time as expected, with most cryptocurrencies recording collective declines, and Bitcoin dropped by about 2.33% in the past 24 hours to $90,368.
