🚨Powell's speech triggered a plunge in cryptocurrencies: 250,000 people were liquidated, and a super plunge is coming?
In the early hours of today, Powell said that the Federal Reserve would not participate in the government's plan to hoard cryptocurrencies, and the Federal Reserve meeting lowered its expectations for interest rate cuts next year. This news caused a sharp fluctuation in the cryptocurrency market.
Bitcoin has experienced four sharp drops since it stood at $90,000. The first three sharp drops consumed a lot of buying, and this sharp drop was even more sideways and negative. The bottom-fishing funds were hit hard again, and it became difficult to return to a strong short-term trend. Especially at 3 a.m. on the 19th, after the announcement of the interest rate decision of the Federal Reserve System of the United States, Bitcoin plummeted from $104,800 to $100,303, a short-term drop of 4.3%. As of press time, Bitcoin was quoted at $98,971, a drop of 5.85% in the past 24 hours.
According to Coinglass data, in the past 24 hours, the total amount of cryptocurrency liquidation reached US$702 million, of which long orders were liquidated for US$608 million, short orders were liquidated for US$93.57 million, and more than 25,300 people were liquidated.
Some people believe that the market may be using Powell's remarks to start the most tragic cleansing on the eve of the altcoin bull market, and some even worry that there will be a super plunge of 20,000 points. At the same time, the US core index S&P 500 also fell sharply, hitting a 20-year low.
However, the policy is still moving in the direction of monetary easing, and the power of the US election has not yet emerged. The first month of the transfer of power on January 20, 2025 and the financial report release period in the fourth quarter of 2024 are worth looking forward to.
Investors are advised to buy high-quality assets such as Bitcoin and Ethereum on dips, but there is no need to rush to sell them at present. You can pay attention to investment opportunities after Christmas. Investors in the currency circle still need to act cautiously and develop steadily.
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