Powell Said It's Time to Change Policy, Bitcoin Price Started to Move!
The Bitcoin (BTC) price started to rise with the statements of Federal Reserve (FED) Chairman Jerome Powell.
According to TradingView data, Bitcoin rose from $60,982 to $61,729 as Jerome Powell began his speech at the Jackson Hole meeting.
It's time to change
Jerome Powell said, "It's time to change policy." According to experts, this means the Fed will cut interest rates.
Powell, who said they did not want a further decline in the labor market, said, "I have increased confidence that inflation is moving towards 2 percent."
Powell added, "We will do everything we can to support a strong labor market while making further progress towards price stability."
Millions of dollars lost
The rise in the Bitcoin price with Powell's statements created a great impact in the derivatives markets. According to Coinglass data, $5.14 million worth of positions were liquidated in just one hour. $5.03 million of these were short positions.
In the cryptocurrency market, $15.34 million was liquidated in just one hour, while only $1.24 million of this came from long positions.
In the last 24 hours, more than 33,000 investors' positions were closed, and a total of $63.44 million worth of positions were liquidated.
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