Bitcoin drops to $100,000, Ethereum loses 3,650, Powell: The Fed is not allowed to hold Bitcoin

After the announcement of the interest rate decision by the Federal Reserve in the United States today, the cryptocurrency market began to experience a plunge. Bitcoin plummeted dangerously close to the $100,000 mark, while Ethereum also saw a spike down to $3,617. The total liquidation amount across the network in the past 24 hours reached $702 million, with more than 253,000 people liquidated. (Background: Does Bitcoin have a Christmas market? An analysis of the historical data of BTC over the past 10 years will tell you.) (Background Supplement: Massacre! Bitcoin plunges to $94,150, ETH drops to $3,500, 560,000 people liquidated $1.7 billion 'the second worst in history.') This morning (19th) at 3 AM, after the Federal Reserve's interest rate decision was announced, despite announcing a 25 basis point cut, lowering the benchmark interest rate to 4.25% to 4.5%, the expectation for a rate cut next year was lowered, causing Bitcoin to enter a downward trend. BTC plummeted from a high of $104,800 to a low of $100,000, with a short-term drop of up to 4.6%. As of the time of reporting, it is currently at $100,504. Another possible reason for the selling pressure is that Fed Chairman Powell stated at the FOMC press conference: 'We are not allowed to hold Bitcoin.' Regarding the legal issues of holding Bitcoin, Powell said: 'This is something for Congress to consider, but we have no intention of seeking to change the law.' Ethereum also spiked down to $3,617, similarly starting to decline after the interest rate decision was announced, dropping from a high of $3,907 to a low of $3,617, with a short-term drop of 6.8%. As of the time of reporting, it is currently at $3,649, down 6.45% in the past 24 hours. In the past 24 hours, the liquidation amount reached $702 million according to Coinglass data, with long positions liquidated at $608 million, dominating the total, while short positions were liquidated at $93.57 million, with more than 25,300 people liquidated. Related Reports: 'Full text of the U.S. Bitcoin Strategic Reserve' executive draft: Manage BTC as a permanent national asset. Bitcoin falls below $104,000; tonight the Fed rate cut probability is over 95%, but will it be paused next year? When will Bitcoin surpass gold? Galaxy Digital CEO: History will be witnessed in 5 to 8 years. 'Bitcoin drops to $100,000, Ethereum loses 3,650, Powell: The Fed is not allowed to hold Bitcoin.' This article was first published on BlockTempo (the most influential blockchain news media).