Bitcoin and other major assets like Ethereum, XRP, and Dogecoin fell fast after Federal Reserve Chair Jerome Powell spoke and announced an expected interest rate cut. The move apparently pushed investors away from “risk-on” assets like crypto and U.S. equities on word that the central bank would not cut aggressively in 2025.

The largest digital asset by market cap is now trading for $101,430 after plunging following the Fed press conference. In the past 24 hours, the asset has dropped by nearly 5%, falling sharply after setting a new all-time high price above $108,000 early Tuesday.

XRP is down 10% on the day, tacking on to earlier losses after a Tuesday spike, while Dogecoin is down 9% as it slides to a price of $0.363—the lowest mark seen in a month for the top meme coin.

The Fed cut interest rates Wednesday again by 25 basis points. But Powell said that the bank "can therefore be more cautious as we consider further adjustments to our policy rate." Stocks similarly dipped on the news as traders took caution.

This is a breaking news story and will be updated.