Despite the positive developments on a macroeconomic front, bitcoin’s price nosedived in the past 12 hours to a multi-day low of under $108,000 and has struggled to post a substantial recovery.

Most larger-cap alts have followed suit, including ETH ($3,778.98) and XRP ($2.46), while ZEC ($333.75), TRUMP ($7.94), and M have charted impressive gains.

BTC ($107,799.00) Falls Despite Rate Cut

This highly eventful week started on the right foot for the primary cryptocurrency as it spiked toward $116,000 on a couple of occasions on Monday and Tuesday. However, its progress was halted at that crucial resistance, and the subsequent rejection after the failed Tuesday breakout attempt was quite painful.

Nevertheless, BTC managed to stabilize at around $112,000 on Wednesday before the FOMC meeting when the US Fed was expected to cut the interest rates by 25 bps. Once that became official, BTC headed straight south and dumped to $110,000 at first before the bears took it all the way down to just under $108,000 on Thursday morning.

Then came even more positive news on a macro level after the presidents of China and the US met, and Trump lowered some of the tariffs against Chinese products. BTC reacted well at first and jumped to over $111,500. However, that rally was short-lived as well, and the asset is close to losing the $110,000 support as of press time once again.

Its market cap has tumbled below $2.2 trillion, while its dominance over the alts stands still close to 58% on CG.

BTCUSD. Source: TradingView

Big Alts in Red, ZEC Defies

As mentioned above, most larger-cap alts have dropped in the past day as well, including ETH and XRP. The former has lost nearly 3% of value and sits below $3,900, while the latter is down by 3.5% and trades at $2.55. SOL ($185.96), DOGE ($0.18), ADA ($0.61), and XLM ($0.30) are also in the red, while BNB ($1,081.64), HYPE ($45.83), LINK ($17.00), BCH ($537.67), and HBAR ($0.19) are with minor gains.

Even more impressive price increases come from the likes of ZEC, TRUMP, and M. ZEC has rocketed by 9% daily to over $350, while M and TRUMP are up by around 6-7%.

The total crypto market cap has shed around $80 billion in a day and is down to $3.810 trillion on CG.

Cryptocurrency Market Overview Daily. Source: QuantifyCrypto

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