The recent negative price movements in the cryptocurrency market, initiated by controversial statements made by the Chair of the US Federal Reserve, have continued today. Bitcoin has fallen to under $98,000, while altcoins like Ethereum, Dogecoin, Cardano, Avalanche, and many others have experienced significant double-digit losses.
Yesterday, CryptoPotato reported on these price changes, which occurred shortly after the latest FOMC meeting where Powell expressed opposition to purchasing Bitcoin and cautioned against halting interest rate cuts for 2025. Despite briefly recovering some ground today, BTC is currently experiencing another sharp decline, dropping to a weekly low of $97,500 on Bitstamp.
The entire cryptocurrency market is deeply in the red, with over 330,000 leveraged traders losing money and over $1 billion in liquidated positions over the past 24 hours. The largest single-day loss occurred on Bitmex involving Ethereum, valued at north of $11 million.
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