Following FED Chairman Jerome Powell's press statement following the 25 basis point interest rate cut, there was a significant drop in the Bitcoin price at first.
The decline stemmed from Jerome Powell's statement in December that a rate cut wasn't a certainty. Previously, all financial markets were expecting another 25 basis point cut in December.
Powell added that they were unable to access data and see what was ahead due to the government shutdown. You can see all the details of Powell's speech in our news report below:
Chart showing BTC price volatility.
Following the decline and recovery, there was a liquidation of $304 million in the cryptocurrency market in the last hour, $264 million of which were in long positions.
*This is not investment advice.
