Bitcoin Price Tanks by $3K in Hours Ahead of Jerome Powell’s Speech Today

Bitcoin Price Drops Amidst Fed Chair Powell's Speech Anticipation

The cryptocurrency market experienced a downturn on Monday, with Bitcoin losing over $3,000 in an hour, reaching $63,000. This decline occurred before US Federal Reserve Chair Jerome Powell's address in Nashville, Tennessee, where he was expected to discuss the central bank's monetary policy.

Bitcoin initially fell from over $66,000 to $64,200. The decline worsened to $63,250, a four-day low, before recovering slightly to $63,500.

Other altcoins followed suit with similar losses, with Shiba Inu and Dogecoin among the most affected. Liquidated positions reached $190 million in the past day, impacting approximately 70,000 traders.

Powell's speech induced uncertainty in the market. Reuters reported that he was expected to provide insights into the Fed's policy shift from August, when interest rates were cut by 0.5%.

Experts anticipate that Powell may hint at additional rate reductions in the upcoming FOMC meetings in 2024 and 2025. The Fed is also expected to introduce a further rate reduction on November 6-7 by either 0.25% or 0.5%.