Bitcoin dips after Fed cuts rates, signals further, gradual easing

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Bitcoin's (BTC-USD [https://seekingalpha.com/symbol/BTC-USD]) price briefly extended Wednesday losses after the Federal Reserve cut rates for the first time this year and marked down its 2025 interest rate outlook, as expected.

The highest-profile crypto slid 1.1% in the last 24 hours to $115.6K at 3:20 p.m. ET. BTC fell to as low as $114.8K minutes after the Federal Open Market Committee's rate decision. Ether (ETH-USD [https://seekingalpha.com/symbol/ETH-USD]) edged down 0.3% to $4.49K.

The central bank trimmed [https://seekingalpha.com/news/4495784-federal-reserve-lowers-rate-by-25-basis-points-first-cut-since-december] its policy rate by 25 basis points to 4.00%-4.25%, acknowledging a softening labor market even as inflation perked up in recent months. It now sees two more [https://seekingalpha.com/news/4495758-fed-sees-two-more-25-bp-cuts-this-year-as-jobs-cool-dot-plot] quarter-point cuts this year, up from one in the June Summary of Economic Projections.

Token prices on the move: Monero (XMR-USD [https://seekingalpha.com/symbol/XMR-USD]) -8.4%, Mantle (MANTLE-USD [https://seekingalpha.com/symbol/MANTLE-USD]) -4.2%, Aave (AAVE-USD [https://seekingalpha.com/symbol/AAVE-USD]) -1.4%, ChainLink (LINK-USD [https://seekingalpha.com/symbol/LINK-USD]) -1.2%, Shiba Inu (SHIB-USD [https://seekingalpha.com/symbol/SHIB-USD]) -0.9% and Tronix (TRX-USD [https://seekingalpha.com/symbol/TRX-USD]) -0.7%.

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