Bitcoin Drops to $98,700 Amid Cautious Rate-Cut Signals
Following remarks by Federal Reserve Chair Jerome Powell, the cryptocurrency market has undergone a significant correction. Bitcoin experienced a 5% decline, reaching a low of $98,700 after setting a new all-time high above $108,000 earlier this week.
Powell's comments signaled a cautious approach to rate cuts, intensifying the market sell-off. He stated that the Fed would "be more cautious as we consider further adjustments to our policy rate."
Other major cryptocurrencies also faced declines, including XRP and Solana. In the past 24 hours, futures liquidations totaling $803 million have been recorded.
Powell dismissed the Fed's ownership of Bitcoin, adding to the ongoing market pressure. The cryptocurrency market continues to respond to both macroeconomic factors and sentiment within the industry.