Cryptocurrencies Drop as Fed Maintains Interest Rates

Bitcoin, Ethereum, and Dogecoin tumble following hawkish comments from Federal Reserve Chair Jerome Powell, cooling expectations for a March rate cut.

Major cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, experienced a decline after Federal Reserve Chair Jerome Powell's comments cooled expectations for an imminent rate cut.
The Federal Reserve maintained its benchmark fed funds rate range at 5.25%-5.5% after the initial Federal Open Market Committee gathering of the year.
Market observers were anticipating a potential rate cut at the upcoming meeting in March, but Powell indicated that it's unlikely.
Risk assets, including cryptocurrencies, experienced a sudden decline following the statement, with Bitcoin plummeting to $42,100.
Cryptocurrency analyst, Michael Van de Poppe, predicts Ethereum could reach $3,500-4,000 within the next 3-6 months.