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Bitcoin drops to $75,000, Federal Reserve keeps interest rates unchanged
CryptoWorld News: Bitcoin briefly fell below $75,000 on Wednesday as the Federal Reserve kept interest rates unchanged, which dampened market hopes for rate cuts and led to a widespread sell-off of risk assets. Crypto-related stocks were badly hit, with Coinbase, Riot Platforms, and MicroStrategy all seeing declines. Market data shows that over the past 24 hours, Bitcoin has edged down by about 1.4% and is currently hovering around $75,156. High yields and ongoing geopolitical uncertainty continue to suppress risk appetite, making it difficult for Bitcoin to break through $80,000. Robinhood’s stock price fell 14% after it reported that its first-quarter crypto-related revenue fell nearly 47% year over year. Coinbase and Bullish dropped 7% each, while Gemini fell 5%. Overall market sentiment worsened, leading to a broad decline in the U.S. stock market, with oil prices surging; Brent crude rose above $111 per barrel, further intensifying the market’s inflation-sensitive sentiment.