Odaily News After Federal Reserve Chairman Powell expressed doubts about the possibility of further rate cuts this year, the altcoin market barely reacted, with cryptocurrency analyst Matthew Hyland saying in a Feb. 11 post on X: “The cryptocurrency market received the worst news since 2025 today, but altcoins barely sold off and some are even rising.”
Hyland believes that the market may have digested the expectation that the Federal Reserve will keep interest rates unchanged until 2025. "The market is forward-looking and may have smelled this news before, so it capitulated a week ago." He added that since there has been no "massive sell-off", it is very likely that the market has "bottomed out."
According to the latest report from Glassnode, the market value of altcoins has dropped by $234 billion in the past two weeks, making it one of the largest declines in the history of altcoins. (Cointelegraph)