The price of Bitcoin once fell below 100,000, and worse, those altcoins also plummeted, with prices almost back to the lowest points from the previous two times, it's simply a third bottoming out!
The culprit behind this decline has to be the U.S. stock market, and why is the U.S. stock market falling? Because Powell said some harsh words. Although he mentioned lowering interest rates by 25 basis points, the number of rate cuts next year may be reduced to 2 times, and the pace of rate cuts has clearly slowed down.
Powell was also asked about Bitcoin; he said the Federal Reserve has no authority to buy Bitcoin without Congress's approval. This means that if the U.S. wants to buy Bitcoin, Trump's word alone does not count. Over in the U.S. stock market, the Nasdaq has dropped significantly, falling 3.56% in a single day, which is really frightening! If the U.S. stock market continues to fall like this, Bitcoin will definitely suffer as well.
Speaking of our cryptocurrency circle, Bitcoin is still holding up; although it fell below 100,000, it has risen again. ETH is also doing fine, with the support at 3,500 points still unbroken. But to be honest, when Bitcoin previously rose to 108,000, the overall market didn't react much, but now that it has started to fall, it's fierce. The signs of capital withdrawal are very obvious, and many people have begun to have disagreements, with some big players choosing to take profits and leave.
I think with the upcoming double holidays and the end of the year, the main players will probably want to take a break, and the market is likely to enter a mid-term adjustment period. During this time, prices may drop a bit, bounce a bit, and drop again, but overall it will gradually decline. So those who have reduced their positions shouldn't rush to add back in; even if they want to buy, they can only do some short-term trading. Also, if Bitcoin rises sharply again, we need to see if altcoins will follow; if they do, we need to quickly take profits and leave.
Now that the overall market has started to adjust, the market is fully exploding! In this situation, it is most suitable to lay out and ambush potential altcoins! I have carefully selected a cryptocurrency that is expected to increase 2-3 times in the short term and 5-10 times in the long term, comment + like, and I will share it for free!