Solana and Bitcoin currencies are under pressure from interest rates and uncertainty regarding tariffs

Bitcoin and other cryptocurrencies have generally experienced significant declines on Wall Street, as risk appetite remains weak.

Traders were seen reducing their bets on any near-term interest rate cuts by the Federal Reserve, especially after the central bank kept interest rates unchanged this week and indicated increasing uncertainty about the U.S. economy.

The Federal Reserve expects rising inflation and slowing growth in 2025, highlighting the uncertainty surrounding the impact of Trump's tariff policies.

Trump had previously backed down in early March from plans to impose tariffs on Canada and Mexico, but he continued his threats of reciprocal tariffs on major trading partners by early April.

Trump has repeatedly called on the Federal Reserve to lower interest rates, although the central bank has shown little intent to do so in the near term. The dollar rose on Thursday and Friday, recovering all the losses it had incurred following the Federal Reserve's decision on Wednesday.