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Bitcoin, Ethereum Slip After Fed Chair Jerome Powell’s Speech
Bitcoin and Ethereum are experiencing a dip following Federal Reserve Chairman Jerome Powell’s recent speech. Yesterday, the Federal Reserve announced a 25-basis-point cut to the federal funds rate, lowering it to a range of 4.25%–4.5%. Following the rate cut, Chairman Powell gave a speech in which he stated that the US economy is growing at a healthy 2.5% pace, unemployment is low, but the inflation forecast is higher, and there is uncertainty.
Powell’s hawkish tone caused Bitcoin to fall below $100,000, down 5% in 24 hours, with numerous altcoins falling by more than 10%. The total amount of liquidation in 24 hours reached $709 million, and long orders were liquidated for $612 million.
As a result of Powell’s speech, Bitcoin has dropped by 4.23% in the past day, currently trading at $100,671 after reaching an all-time high of $108,239 on December 17. Bitcoin’s market cap also fell by 3.87% to $1.99 trillion, while its 24-hour trading volume surged by over 42% to $99.52 billion.
Ethereum, too, has been affected by Powell’s speech, having dipped by 5.10% in the past day and currently trading at $3,659. Ethereum’s market cap has decreased by 5.22% to $440.81 billion. However, Ethereum’s 24-hour trading volume has increased by 49.27% and now stands at $52.45 billion.
The impact of Powell’s speech was not limited to Bitcoin and Ethereum alone, as numerous other altcoins experienced a decline in value of more than 10%.
Source: www.cryptonewsz.com
