The cryptocurrency market has continued to decline in the past 24 hours, showing no signs of recovery.
Following the impact of the latest statement by the Chairman of the US Federal Reserve (Fed) Jerome Powell on the prospect of interest rate cuts in 2025, the price of Bitcoin and many other cryptocurrencies has continued to be adjusted in the past hours.
Previously, although the Fed had decided to cut interest rates by another 0.25% in the new meeting held on December 18 (US time), Mr. Powell's subsequent comments startled the entire financial world. Specifically, the head of the Fed said that because the US economy still has many signs of instability, as well as inflation remains high, the Fed may reduce the frequency of interest rate adjustments in 2025 to curb inflation.
This news immediately caused Bitcoin price to drop below the $100,000 mark on the morning of December 19, while the US stock market “evaporated” more than $1 trillion in capitalization.
By the morning of December 20, Bitcoin continued to fall another 3.5% to below $96,000. Red also flooded the market as top altcoins lost another 8-12% of their value.
Ethereum price dropped to $3,350, erasing the growth achieved in December. Similarly, SOL also dropped to $190 at times, while BNB dropped to $650.
The only two exceptions were Movement (MOVE) and memecoin Fartcoin (FARTCOIN), which went against the market trend when growing by over 30% compared to 24 hours ago.
Data from CoinGlass shows that the total value of derivatives liquidations in the past 24 hours reached over $1.03 billion, with longs accounting for 83.5%.
