Bitcoin prices initially fell sharply following Fed Chairman Jerome Powell's press announcement following the 25 basis point interest rate cut.
The reason for the decline was Jerome Powell's statement in December that a rate cut was not certain. Financial markets had previously expected a further 25 basis point (bp) rate cut in December.
Powell added that due to the government shutdown, he was unable to access the data and was unable to confirm what would happen next. Details of Powell's speech can be found in the news report below.
Chart showing BTC price volatility.
Following the decline and recovery, the cryptocurrency market saw $304 million in liquidations in the past hour, of which $264 million was in long positions.
*This is not investment advice.
