news 
Bitcoin Collapses Below $100K Following Powell’s Statements
The cryptocurrency market has been sent into chaos after the Federal Reserve (Fed) announced a hawkish stance on interest rates, causing a sharp decline in most major digital assets. The sudden change in sentiment has resulted in a dramatic drop for Bitcoin, which has fallen below the $100,000 mark for the first time since its surge to new all-time highs.
The Fed’s unexpected move has led to a swift reevaluation of risk appetites across the market, causing a widespread selloff that has affected not only cryptocurrencies but also traditional assets. The 10-year US Treasury yield and the US dollar have both surged higher in response to the news, while stocks have taken a beating.
The Fed’s shift in policy has led many analysts to revise their predictions for further rate cuts, with two now being projected for implementation in 2025 rather than the previously expected three. The decision is seen as a major blow to the crypto market, which had been counting on further monetary easing to boost prices and drive growth.
As a result of this sudden change, Bitcoin has plummeted below $100K, with many investors scrambling to unload their positions and cut losses. The cryptocurrency’s value has dropped by over 10% in just a few hours, marking one of the most significant single-day declines in recent history.
It’s not like driving on a foggy night or walking into a dark room full of furniture,” Fed Chair Jerome Powell said during his press conference. “You just slow down.”
Meanwhile, the cryptocurrency market has seen over $802 million worth of assets liquidated within the past 24 hours, with many investors left reeling from the sudden and unexpected turn of events.
As the dust settles on this unprecedented event, it remains to be seen how long-lasting these effects will be.
Source: u.today
