Fed Cuts Rates; Crypto Markets Slump

The Federal Reserve cut interest rates 25 basis points to a 3.75%–4.00% range, while Chair Jerome Powell warned a further reduction at the December meeting “is not a foregone conclusion.” Markets moved risk‑off: bitcoin slid about 2–3% to roughly $108,000–$111,000, ether and other altcoins fell, and the total crypto market cap contracted to roughly $3.7–3.84 trillion. Spot bitcoin ETFs experienced notable outflows of about $471 million and trading volumes declined, while derivatives and on‑chain indicators showed elevated volatility, including nearly $600 million of crypto liquidations in 24 hours and rising open interest consistent with new short positions. Broader equity markets were mixed across Asia and the U.S. amid weak tech headlines and a government shutdown that is limiting economic data. The Fed also signaled it will end quantitative tightening on December 1.