Hedera (HBAR) has experienced a notable decline today, driven by a broader downturn in the cryptocurrency market. The market has been reacting to a hawkish tone from the Federal Reserve's recent meeting, which has dampened investor sentiment. The Fed's outlook for fewer rate cuts than previously anticipated has led to a significant sell-off across major cryptocurrencies, including Bitcoin and Ethereum, which have seen substantial price drops. This negative sentiment has spilled over to altcoins like HBAR, contributing to its price decline.
The overall crypto market capitalization has dropped significantly, with heightened trading activity indicating investor caution amid the market turbulence. Despite the broader market downturn, HBAR was initially among the top gainers earlier in the day, reflecting some resilience. However, the prevailing bearish sentiment has ultimately weighed on its price. "Traders should be cautious until inflation is tamed and we see more concrete Trump policies in the coming year," said Jeff Mei, COO at crypto exchange BTSE, highlighting the uncertainty in the market.
Hedera's price has fallen by 3.66% today, with the current price at $0.258697. The cryptocurrency reached a high of $0.285790 and a low of $0.235380 during the day.