Why Major Cryptocurrencies Wilted on Wednesday

On Wednesday, there was a distinct stumbling-near-the-finish-line quality to the crypto market. Although the Federal Reserve's rate cut announced that day was welcome, if expected, speculation about future slices wasn't as encouraging. As a result, many investors retreated from the asset class.

That's why many coins and tokens were booking losses as the day wore on. Bitcoin (CRYPTO: BTC), which vaulted above the $100,000 price level recently and seems determined to stay there, nevertheless was down by almost 5% as of 4 p.m. ET. The No. 2 coin, Ethereum (CRYPTO: ETH), was struggling more with an over 6% fall. Popular altcoins Solana (CRYPTO: SOL) and Cardano (CRYPTO: ADA) were both 8% or so in the red.

Looking at the latest major development in a certain way, crypto-heads were robbed of an upside surprise by the Fed. The regulator's 25-basis-point reduction to its key interest rate range was exactly what was expected widely by the market and by economists -- no more, no less.

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Source Fool.com