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Powell's remarks cause Bitcoin to plummet! The market erupts instantly!
Federal Reserve Chairman Powell stated in his speech that the Federal Reserve does not consider Bitcoin and will not acquire Bitcoin. Following this, the prices of Bitcoin and Ethereum began to decline.
Yesterday, the Federal Reserve lowered the federal funds rate by 25 basis points to between 4.25% and 4.5%. After the rate cut, Powell stated: "The U.S. economy is growing at a healthy rate of 2.5%, unemployment is low, but inflation expectations are high, creating uncertainty."
When asked about Bitcoin reserves, Powell skipped the topic, saying: "We cannot hold Bitcoin; we do not want too much volatility, and this should be studied by Congress."
After Powell's hawkish remarks, Bitcoin fell below the 100,000 yuan mark, dropping 5% within 24 hours, while many altcoins plummeted more than 10%. In total, $709 million in assets were liquidated within 24 hours, of which $612 million were long orders.
Bitcoin and Ethereum experienced significant declines after Powell's speech. Bitcoin, after reaching a historic high of $108,239 on December 17, has now fallen to $100,671, a decrease of 4.23%. Bitcoin's 24-hour trading volume surged by 42%, reaching $99.52 billion, but its market value decreased by 3.87% to $1.99 trillion.
Ethereum was also affected. After a drop of 5.10% yesterday, Ethereum's current price is $3,659. Its market value decreased by 5.22%, falling to $44.081 billion. Ethereum's 24-hour trading volume increased by 49.27%, reaching $52.45 billion.
Various cryptocurrencies plummeted over 10% following Powell's strong remarks. In total, $709 million in assets were liquidated within 24 hours, with $612 million being long orders.
Powell also stated that although the job market is cooling, the Federal Reserve believes there is no need for further cooling to reduce inflation. He emphasized that the labor market conditions are strong, although not as tight as in 2019, and while the unemployment rate has risen, it remains at a low level.
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