Crypto market sinks on Fed stance and China weakness
Bitcoin and major cryptocurrencies fell sharply after hawkish Fed comments lowered expectations for a near-term rate cut. Minneapolis Fed President Neel Kashkari said he didn't support October cut, pushing rate-cut odds to 52% from 62%. Weak China data and $870 million in Bitcoin ETF outflows added pressure. Bitcoin dropped over 6%, with Ethereum and XRP sliding even further.