Global Cryptocurrency Markets React Sharply Following Federal Reserve Chairman’s Remarks

Bitcoin and Ethereum are facing a significant downturn after Federal Reserve Chairman Jerome Powell’s recent speech, in which he emphasized the need to maintain a hawkish stance to combat inflation.

According to Coinmarketcap data, 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. The market capitalization of Bitcoin has also decreased by 3.87% to $1.99 trillion, while its 24-hour trading volume surged by over 42% to $99.52 billion.

Ethereum, too, has felt the ripple effects of Powell’s hawkish speech. After a 5.10% dip in the past day, Ethereum is now trading at $3,659. Its market cap has decreased by 5.22% to $440.81 billion. However, Ethereum’s 24-hour trading volume has increased by 49.27% and currently stands at $52.45 billion.

Furthermore, several other altcoins have also been affected by Powell’s speech, with some falling by more than 10%. The total amount of liquidation in 24 hours reached a staggering $709 million, and long orders were liquidated for $612 million.

In his speech, Powell highlighted that while the labor market is cooling, he believes further cooling is not necessary to bring inflation down. He emphasized that labor market conditions remain solid, though less tight than in 2019, and noted that the unemployment rate has edged up but remains low.

Source: www.cryptonewsz.com