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Bitcoin Collapses Below $100K Following Powell’s Statements
The cryptocurrency market has been rocked by the Federal Reserve’s (Fed) sudden shift in stance, with the price of bitcoin plummeting below $100,000. The sudden collapse follows a series of hawkish comments from Fed Chair Jerome Powell, who signaled a more cautious approach to monetary policy.
In response to the news, both the 10-year US Treasury yield and the US dollar spiked sharply higher, while cryptocurrencies and stocks took a severe beating. This drastic change in sentiment has sent shockwaves through the market, with many investors scrambling to reposition their portfolios in response.
As a result of this unexpected shift, Bitcoin’s price has fallen below $100,000, sparking concerns about the long-term outlook for the asset. The sudden drop has led to over $802 million worth of cryptocurrency being liquidated over the past 24 hours alone.
It appears that the Fed’s new stance will now prioritize cautionary measures, with only two rate cuts projected in 2025 compared to previous expectations. This more conservative approach is likely to have far-reaching implications for the market, as investors seek safe-haven assets and reevaluate their exposure to riskier assets.
In his press conference, Powell likened the situation to driving on a foggy night or walking into a dark room full of furniture, emphasizing the need for caution in an uncertain environment.
Source: u.today
