tl;dr
Bitcoin fell to a low of $100,300 following hawkish comments by Fed chair Jerome Powell during the Federal Open Market Committee's (FOMC) meeting. The wider crypto market, including Ethereum, BNB, Solana, and Dogecoin, experienced similar losses. Additionally, the US stock market reacted negatively ...
Bitcoin experienced a significant drop to $100,300 after Federal Reserve chair Jerome Powell's hawkish comments during the Federal Open Market Committee's meeting. This downturn was accompanied by losses in the wider crypto market, including Ethereum, BNB, Solana, and Dogecoin. The US stock market also reacted negatively, with the S&P 500 and Nasdaq 100 closing with substantial drawdowns.
Powell indicated a slower pace for potential rate cuts in 2025 due to higher inflation expectations and uncertainty. He mentioned that the interest in establishing a Bitcoin Strategic Reserve in the US is a matter for Congress to consider, as the Fed is not permitted to own Bitcoin. As of the latest report, Bitcoin's price was down 5.48% over the past 24 hours, with a market capitalization of $1.99 trillion and a 24-hour trading volume of $93.95 billion. The overall crypto market was valued at $3.48 trillion, with a 24-hour volume of $246.33 billion and Bitcoin dominance at 57.03%.
Bitcoin was trading at $100,740, down 5.7% over the past 24 hours, while Ethereum, BNB, Solana, and Dogecoin also experienced similar losses. The S&P 500 closed with a 1.55% drawdown, and the Nasdaq 100 shrank by 2%. Powell suggested a more cautious approach for the policy rate entering 2025, factoring in higher inflation expectations and uncertainty. He expressed optimism about the upcoming year despite these challenges.
Unfortunately, Powell revealed that the Fed is not allowed to own Bitcoin, stating that any change in this regard would require congressional consideration. At the time of the latest data, Bitcoin's price was down 5.48% over the past 24 hours, with a market capitalization of $1.99 trillion and a 24-hour trading volume of $93.95 billion. The total crypto market was valued at $3.48 trillion, with a 24-hour volume of $246.33 billion and Bitcoin dominance at 57.03%.