“Dogecoin lost 11% in a day, extending its weekly decline to 21%,” according to crypto market analysts following the third consecutive day of a general downturn in major cryptocurrencies.

Bitcoin (BTC) also fell by 4.2%, while Solana (SOL), Ethereum (ETH), and Cardano (ADA) lost up to 9% of their value. The CoinDesk 20 index, which tracks the largest tokens by market capitalization, dropped by 5.5%, with futures market liquidations exceeding $890 million.

Amid the Federal Reserve’s hawkish stance, the Nasdaq fell by 3.5%, the S&P 500 dropped by 2.9%, and Bitcoin declined by over 6% following Fed Chair Jerome Powell’s statement about a potential reduction in interest rate cuts in 2025.

Experts at QCP Capital noted: “This morning’s crash was not solely due to the Fed’s decision but also because of the market’s overly bullish sentiment over the past month.”