At a press conference, Powell stated that the Federal Reserve is not allowed to hold Bitcoin, which is something Congress needs to consider, and the Federal Reserve does not wish to change the law.

The price of BTC reached an all-time high of $108,135 on December 17, and then erased about 5% of its gains to around $100,000 on the 18th. In the early hours of the 19th, after the interest rate cut news, BTC further declined. The drop in Bitcoin triggered panic selling among crypto investors, leading to a broad decline in cryptocurrencies. Data shows that in the past 24 hours, Ethereum (ETH) fell more than 5%, while XRP and DOGE both dropped over 6%.

Old Powell is really not a good person! One sentence caused tens of thousands of people to face liquidation; he should really be skinned alive.