Bitcoin (BTC), which has lost $100,000 after recording a drawdown of 6.4% in the last 24 hours. Priced at $97,000 As of the time of publication
Bitcoin dropped to $96,233, before trying to recover. According to CoinGlass, the crypto derivatives have registered liquidations of nearly $1,2 billion over this period.
Sharper corrections among major altcoins followed BTC’s slump, as the total crypto market cap fell 9% in the same period to $3.63 trillion.
Ethereum (ETH), which has lost 10% in the last 24 hours, was currently trading at $3372, while Solana, a cryptocurrency, registered a similar crash, crashing to a minimum of $187.
Chainlink and Dogecoin both had 17.3% corrections and 18% respectively.
The crashes are likely an aftermath of Fed Chairman Jerome Powell’s statement about the US interest rate policy.
Powell indicated on December 18 that policy rates could be cautiously reduced following recent reductions. Analysts expect to see two rate decreases next year. Also, Powell noted that the Fed Chair said potential cuts depended on market data. It will also take some time to get inflation up to 2%.
Despite the market’s uncertainty toward the US economy, Powell displayed optimism in his speech yesterday:
“It’s in a really good place, our policy is in a really good place (and) I expect another good year next year.”
Closed Down
In addition to the uneasiness created by Powell’s recent remarks, the US Congress faces a looming partial government shutdown, with only two days remaining to pass a spending bill.
Donald Trump rejected a stopgap bipartisan proposal to continue government funding until March. In order to address the debt ceiling, lawmakers must first deal with it.
In response, congressional Republicans are developing an alternative plan that aligns with Trump’s demands to secure sufficient House and Senate support.
If there is no legislative action taken, the government shutdown set for Dec. 21 will disrupt many services, and cause federal employee pay to be delayed.
Trump’s proposal to abolish the debt ceiling completely is also likely to face criticism, due to fiscal irresponsibility concerns.
Bitcoin Market Data
The time of the press The UTC time zone for December 19, 2024 is 8:06 pm.Bitcoin’s market capitalization is the highest in the world. You can find out more about it by clicking here. 5.64% Over the last 24 hours. Bitcoin is valued at 1.91 Trillion dollars With a daily trading volume of $105 billion. Learn more about Bitcoin ›
Bitcoin
On Dec. 19, 2024, 8:06 PM UTC
$96,568.36
-5.64% Crypto Market Analysis
The time of the press The UTC time zone for December 19, 2024 is 8:06 pm.. The value of the crypto market total is estimated at The $3.3 Trillion A 24-hour volume is $296.39 Billion. Bitcoin is the dominant currency at this time. 57.96%. Learn more about the crypto market ›
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