CandleFocus Did Powell’s hawkish speech trigger Bitcoin’s fall below $100K and $780M in liquidations?
2024-12-19
Author: Content Editor
Bitcoin's price dropped below $100,000 following the US Federal Reserve's announcement of reducing easing measures in 2025. The broader crypto market also experienced significant liquidations. The announcement caught markets off guard, leading to a spike in the US Treasury yield and the US dollar, while cryptocurrencies and stocks took a hit. Bitcoin is currently trading at $101,393 after paring some losses. Several altcoins, including Ether and XRP, also saw a significant drop. Despite previous bullish sentiment driven by President-elect Donald Trump's support for a national strategic Bitcoin reserve, the Fed's Chair, Jerome Powell, stated that the central bank is not allowed to hold Bitcoin. Former BitMEX CEO Arthur Hayes expects a sell-off in the crypto market around Trump's inauguration due to the gap between expectations and market reality.
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