Thursday Market Report | 19th December 2024
The crypto market faced a sharp downturn as the Federal Reserve announced a 25 basis point cut to its benchmark policy rate while signaling fewer rate cuts than previously anticipated for 2025.
Bitcoin dropped 4.6%, slipping to $98,802, while Ethereum fell 5.96% to $3,550 following Fed Chair Jerome Powells press conference. The markets reaction reflects uncertainty surrounding future policy shifts, particularly with the incoming Trump administrations plans. Potential tariffs on imports, large-scale deportations of undocumented workers, and deficit-expanding economic measures have introduced new risks for investors, further weighing on sentiment.
ETH USDT Daily Chart:
ETH has a strong support at $3,500. If it holds and sustains above this level then we can expect the bulls to resume the up move.
BTC USDT Daily Chart:
BTC made a Doji candle at the top of $108,353 which indicated indecision in trend and witnessed profit booking. $100,000 and $90,000 will act as a strong support for the asset.
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