Today (19th) at 3 AM, after the Federal Reserve's interest rate decision was announced, despite announcing a rate cut of 0.25%, lowering the benchmark rate to 4.25%–4.5%, Bitcoin began to enter a downward trend due to reduced expectations for rate cuts next year. BTC plummeted from a high of 104,800 dollars to a low of 100,000 dollars, with a short-term decline of up to 4.6%. As of the time of writing, it is reported at 100,504 dollars.
Another possible reason for the selling pressure is that Federal Reserve Chairman Powell said at the press conference after the FOMC meeting: 'We are not allowed to hold Bitcoin.' Regarding the legal issues of holding Bitcoin, Powell stated: 'This is something for Congress to consider, but we have no intention of seeking to change the law.'
Ethereum dropped to 3,617 dollars.
Similarly, Ethereum also started to decline after the interest rate decision was announced, dropping from a high of 3,907 dollars to a low of 3,617 dollars, with a short-term decline of 6.8%. As of the time of writing, it is reported at 3,649 dollars, down 6.45% in nearly 24 hours.
In the past 24 hours, 702 million dollars were liquidated.
On the other hand, according to data from Coinglass, in the past 24 hours, the total liquidation amount in the cryptocurrency market reached 702 million dollars, with long positions liquidated amounting to 608 million dollars, while short positions saw 93.57 million dollars liquidated, affecting over 25,300 people.
