Delay in rate cuts weighs down on the crypto market.

The US Fed Chair Jerome Powell has announced that the interest rate will remain unchanged for the second consecutive meeting this year, while the PCE inflation forecast for 2026 has increased to 2.7%. The Fed reached the decision with an 11-1 vote, with Fed Governor Miran dissenting in favor of an interest rate cut. Overall, the US Fed shows uncertainty about the effects of the ongoing U.S.-Iran war.
Reacting to the delay in rate cuts, the cryptocurrency market recorded massive liquidations over the past 24 hours, totaling $451.93 million, driven primarily by long liquidations of $382.01 million, reflecting renewed downside pressure.