Crypto prices today (Dec. 11): BTC, XRP, UNI, DOT retrace after brief Fed rate cut bounce

Crypto prices today pulled back as traders unwound positions following a brief bounce after the Federal Reserve’s latest rate cut.

The total crypto market cap has fallen 3% to $3.1 trillion. Bitcoin traded at $89,975, down 2.7% in the past 24 hours after slipping from an intraday peak above $94,000. Ethereum fell 3.4% to $3,123, while XRP dropped 4% to $2.00.

Losses were sharper across mid-caps and smaller tokens. Uniswap slid 7% to $5.33, Polkadot declined 8% to $2.06, and Ethena fell 10% to $0.2486. Market sentiment held in the fear range, with the Crypto Fear & Greed Index rising slightly to 29.

Derivatives data showed more strain. CoinGlass data showed $519 million in liquidations over the past 24 hours, with longs taking more than $370 million of that total. Open interest eased 1.7% to $131 billion, and the average market relative strength index sat at a neutral-leaning 39.

Why the Fed rate cut didn’t lift crypto

The reaction followed the Federal Reserve’s 25-basis-point cut on Dec. 10, bringing the federal funds target range to 3.50%–3.75%. Markets had assigned an 89.4% probability to the move before the announcement, meaning much of the impact had already been priced in. 

Bitcoin’s slide from an intraday high above $94,000 to below $90,000 reflects this shift. This is a classic “sell the news” pattern that often follows anticipated macro events.

Fed Chair Jerome Powell leaned cautious in his remarks. With inflation at 3.2% and still above target, and November job growth at just 5,000, he hinted at limited easing ahead, with only one additional cut projected for 2026.

Bond markets responded immediately. The 10-year Treasury yield rose 5 basis points to 4.25%, tightening financial conditions rather than loosening them. Globally, policy pressure is adding weight to the volatile market.

Japan’s 2-year government bond yield climbed above 1%, its highest level in a decade, increasing the cost of yen-funded carry trades often used to leverage crypto positions. The unwind of those trades, combined with already high leverage heading into the meeting, helped worsen the slide.

CME FedWatch data also shifted markedly. Traders now assign just a 40% probability to another rate cut by March 2026, down from 70% earlier this week. The sudden drop in expectations removed one of the few macro tailwinds supporting speculative positioning.

Short-term outlook and analyst views

Standard Chartered analysts described the decision as a “hawkish cut,” trimming their year-end price target to about $100,000. The $88,000–$84,000 region is now considered the first level where stronger support may appear.

Nic Puckrin, investment analyst and co-founder of The Coin Bureau, told crypto.news that uncertainty around the Fed’s 2026 policy path limits the potential for a December rally. He noted that markets tend to struggle when expectations shift from hope to hesitation, especially when liquidity is thin. 

In his view, any short-term recovery will depend on steadier funding conditions and a clearer signal from spot flows. Until then, price action is likely to remain choppy, with the next move shaped more by positioning than by momentum.