Market Turmoil: Crypto Prices Plummet Following Federal Reserve Chairman Jerome Powell’s Recent Address

Bitcoin and Ethereum have taken a significant hit after Federal Reserve Chairman Jerome Powell’s recent speech. The announcement sent shockwaves through the crypto market, causing both cryptocurrencies to plummet in value.

In his address, Powell stated that the Federal Reserve is not currently considering Bitcoin and is prohibited from owning it. This statement led to a sharp decline in the prices of both Bitcoin and Ethereum.

Bitcoin fell below $100,000, with a 5% drop in just 24 hours. Many altcoins also took a hit, falling by over 10%. The total amount of liquidation reached a staggering $709 million, with long orders being liquidated for $612 million.

The market cap of Bitcoin dropped by 3.87%, while Ethereum’s market cap decreased by 5.22%. In contrast, the 24-hour trading volume surged by over 42% to $99.52 billion in Bitcoin and 49.27% to $52.45 billion in Ethereum.

It is worth noting that Powell also commented on the labor market, stating that while it is cooling, the Fed does not believe further cooling is 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.

As a result of Powell’s speech, several altcoins also suffered losses, with many falling by over 10%.

Source: www.cryptonewsz.com