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Bitcoin drops near $42,000 level after Fed Chair Jerome Powell shoots down March rate cut

The cryptocurrency market traded in the deep red on Thursday after the US Federal Reserve commentary added to doubts over early rate cuts. The Federal Reserve committee's decision to hold rates at 5.25-5.5% on Wednesday was no surprise, it took a dovish twist by emphasising that rates would not be cut until it had more confidence that inflation was truly beaten. Meanwhile, the global cryptocurrency market cap declined 2.5% to around $1.69 trillion in the last 24 hours, as per data available on CoinGecko. At 10.16 a.m., Bitcoin was trading 2% lower at $42,093, while Ethereum was down 3.2% at $2,264. The total volume in DeFi is currently $5.91 billion, 14.36% of the total crypto market 24-hour volume.

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