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Digital currencies plunged on Thursday, December 11, with the value of all cryptocurrencies declining by 2.50% in the past 24 hours to $3.07 trillion.
Today’s slump caught many off guard as it happened even after the Fed delivered the much-anticipated 25 bp rate cut, a move that generally sparks risk assets.
Nevertheless, hawkish comments from Chair Jerome Powell signaled a cautious stance.
Cryptocurrencies recorded minor rebounds following the rate cut, but failed to sustain momentum as markets interpreted Powell’s remarks as an indication that prevailing liquidity conditions might last longer than expected.
This article highlights two topics that grabbed investor attention today: Coinbase opening support for all Solana native coins and the current bearish conditions in the meme assets space.
Leading exchange Coinbase has enriched its on-chain reputation by unlocking the trading of any Solana token in its mobile application.
The move, announced during the Solana Breakpoint Conference, removes a crucial obstacle for early-stage projects.
Users can access and trade new assets immediately they become available on-chain, without formal listings.
Moreover, issuers and builders managing projects with adequate liquidity can be visible to millions of users without lengthy approval and listing procedures.
The announcement emphasized:
Coinbase is specifically expanding to Solana. This means very soon you will be able to open the Coinbase app and see native Solana assets.
While Coinbase’s support sparked optimism within the Solaa ecosystem, meme cryptocurrencies had a rough day.
While the global crypto market capitalization plunged by roughly 2.50% the last day, top meme coins across Ethereum and Solana lost over $2.6 billion.
CoinGecko data shows their market cap lost nearly 6% from $48.01 billion to press time’s $45.34 billion.
Meme assets’ trading volume surged to surpass $5 billion, signaling robust activity from participants likely trimming their holdings.
Meanwhile, the likes of Dogecoin, PENGU, and PUMP have lost up to 10% of their value as sellers prevail.
Meanwhile, that’s not unusual. Meme tokens outshine other categories during bullish markets and underperform amid selling pressure.
Digital assets displayed substantial selling pressure today.
Bitcoin has lost more than 2% to $90,280, while Ethereum (-4.30), XRP (-3.40), and Solana (-4.20) reflect overwhelming selling pressure.
Jerome Powell’s hawkish remarks triggered the bearish wave.
After the already-priced-in 25 bp cut, the Chair confirmed that the labor market remained weak while inflation stayed high.
POWELL’S TONE WAS HAWKISH Powell doubled down on risks: ✓ Employment downside risks rising ✓ Inflation still elevated ✓ Goods inflation picking back up ✓ Rates now in a “plausible neutral range” but cuts likely on pause Markets hated it.
Furthermore, the Federal ‘dot plot’ indicated a probability of a single rate cut in 2026, which markets interpreted as bearish.
Further, possible profit-taking contributed to the selling pressure.
Prediction site Polymarket assigned a 98% chance of a rate cut before the Fed’s confirmation.
Also, institutions poured millions through ETFs on Wednesday ahead of the decision.
These market players likely booked profits after the rate cut, triggering price declines.
Meanwhile, Bitcoin continues to set the market’s tone. It should reclaim $91,800 to avoid further declines.
Losing $89,500 can see the largest cryptocurrency by value plunge to $80,000.
The post Altcoins today: Coinbase unlocks Solana token trading, memecoins shed over $2.6B appeared first on Invezz
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