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Why Crypto's Altcoins Plunged This Week

Crypto has been hot over the past few months on the back of hope that the Trump administration would ease regulations on the industry and give clarity to developers and entrepreneurs on the Blockchain. According to data provided by S&P Global Market Intelligence, Polkadot (CRYPTO: DOT) has fallen 21.6% over the past week as of 1:30 p.m. ET Friday, Avalanche (CRYPTO: AVAX) is off 23.3%, Internet Computer (CRYPTO: ICP) is down 22%, and Near Protocol (CRYPTO: NEAR) is off 24.2%.

Cryptocurrencies Bitcoin, XRP, and Shiba Inu Are Rebounding After the Fed's Hawkish Pivot

Cryptocurrencies rebounded this morning after sustaining heavy losses this week following the Federal Reserve's final meeting of the year on Wednesday. The meeting included a cut of 25 basis points in interest rates and more hawkish rhetoric from Fed chair Jerome Powell that seemed to catch investors off guard. Bitcoin (CRYPTO: BTC), a bellwether for the sector, had fallen as much as 10% yesterday but was only down less than 1% from late afternoon yesterday.