NEAR Protocol Drops 3.3% as Fed Decision Hits Markets

Fed Rate Decision Sparks Broad Crypto Sell-Off

The cryptocurrency market faced significant selling pressure after the Federal Reserve announced on March 18 its decision to hold interest rates steady in the 3.5% to 3.75% range. The move signaled ongoing inflation concerns and diminished hopes for a rate cut that could have lowered borrowing costs and boosted riskier investments. As a result, major digital assets declined. Chainlink (LINK) fell 6.6% to a price of $9.20, while Polkadot (DOT) dropped 3.59% to $1.56.

NEAR Drops 3.3% as CoinDesk 20 Index Falters

Reflecting the broader market trend, NEAR Protocol (NEAR) declined 3.3% on March 19, becoming a lead drag on the CoinDesk 20 (CD20) index, a benchmark for the largest digital assets. The CD20 index itself lost 4.6% during the period. Other tokens in the index also underperformed, with Hedera (HBAR) falling 2.9% from the previous day. The coordinated downturn across these large-cap assets highlights a risk-off sentiment among investors reacting to the persistent macroeconomic pressures.