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Bitcoin, Ethereum Slip After Fed Chair Jerome Powell’s Speech
Federal Reserve Chairman Jerome Powell has sent shockwaves through the cryptocurrency market with his recent speech, causing a significant decline in the value of top cryptocurrencies such as Bitcoin and Ethereum.
According to Coinmarketcap, Bitcoin (BTC) has taken a 4.23% hit in the past day, currently trading at $100,671 after reaching an all-time high of $108,239 on December 17. Its market capitalization has also dropped by 3.87%, now standing at $1.99 trillion. This drastic change is accompanied by a massive surge in its 24-hour trading volume, which has increased by over 42% to $99.52 billion.
Ethereum (ETH), on the other hand, has experienced an even more significant drop of 5.10%, now trading at $3,659. Its market capitalization has decreased by 5.22% to $440.81 billion, while its 24-hour trading volume has skyrocketed by 49.27% and currently stands at $52.45 billion.
The impact of Powell’s speech was not limited to Bitcoin and Ethereum alone, as several other altcoins also took a severe beating, with losses exceeding 10%. The total amount of liquidation in the last 24 hours reached an astonishing $709 million, while long orders were liquidated for $612 million.
In his address, Powell emphasized that the US economy is growing at a healthy pace of 2.5%, with unemployment remaining low. However, he expressed concerns about inflation forecasts being higher than expected and uncertainty surrounding future economic conditions.
While some investors may see this speech as an opportunity to make a comeback in the market, others are wary of the potential implications on the cryptocurrency space.
Source: www.cryptonewsz.com
