Hedera's price has faced downward pressure today, primarily due to broader market reactions to the Federal Reserve's recent interest rate decision. The Fed's announcement of a 25 basis point cut, while expected, signaled a less aggressive approach to future rate reductions, which has led to a pullback in risk-on assets like cryptocurrencies. As Fed Chair Jerome Powell indicated a cautious stance on further policy adjustments, investors have reacted by moving away from digital assets, contributing to a decline in altcoins, including Hedera.
Despite the launch of Valour's Hedera staking exchange-traded product (ETP) on the Euronext Amsterdam, which aims to bridge traditional finance with decentralized technologies, the broader market sentiment has overshadowed this positive development. The introduction of the Hedera ETP, backed by $5 million in seed funding, was expected to provide a boost to Hedera's market presence in Europe. However, the prevailing macroeconomic factors have dampened the immediate impact of this launch on Hedera's price.
Hedera's price has dropped by 3.20% today, reaching a low of $0.275174.