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XRP, SHIB in Red as Crypto Market Reacts to Fed’s Powell’s Recent Comments
The crypto market is currently witnessing a significant decline in prices across the board. This comes after Federal Reserve Chairman Jerome Powell recently hinted that interest rates are likely to remain unchanged for the foreseeable future.
As of writing this article, XRP and Shiba Inu (SHIB) have fallen by over 3% each, while major cryptocurrencies such as Ethereum, Cardano, Solana, Litecoin, Stellar, Chainlink, and Toncoin are also reporting losses between 2-6%. Dogecoin is not immune to the bearish trend either, with a decline of approximately 4%.
The drop in prices can be directly attributed to Powell’s recent comments during a press conference. While he didn’t explicitly mention cryptocurrency or digital assets, his emphasis on maintaining the current interest rate stance sent shockwaves through the financial markets.
Bitcoin’s price has also taken a hit, plummeting nearly 2% over the past 24 hours amid profit-taking and liquidations. Over $173 million in bullish bets have been wiped out in that timeframe alone, with a total of $229 million in liquidated positions across all assets.
It’s worth noting that these losses come on the heels of recent bullish momentum for many cryptocurrencies. Investors may be taking profits after a period of rapid growth, which is causing prices to correct.
For now, the market seems to be responding negatively to Powell’s comments, and it remains unclear how this will impact the crypto space in the long term.
Source: u.today
