The Recent Crypto Market Volatility
Bitcoin (BTC) experienced a significant drop, losing the $100,000 threshold and currently priced at $97,000.
Key Highlights:
- Bitcoin fell to a low of $96,233 before attempting a recovery.
- Crypto derivatives registered nearly $1.2 billion in liquidations over the period.
- Major altcoins like Ethereum (ETH) and Solana (SOL) also experienced significant losses.
- Chainlink (LINK) and Dogecoin (DOGE) were among the worst-performing cryptocurrencies.
Fed Chairman’s Impact on the Market
The recent market turmoil can be attributed to Fed Chairman Jerome Powell’s statement on the US interest rate policy.
Key Points to Note:
- Powell hinted at potential rate cuts next year, depending on market data.
- The market reacted negatively to Powell’s cautious approach towards the economy.
- Powell expressed optimism about the US economy despite uncertainties.
Potential Government Shutdown Concerns
Aside from the market volatility, there are concerns about a looming partial government shutdown in the US.
Key Takeaways:
- President-elect Donald Trump’s rejection of a funding bill has raised fears of a government shutdown.
- Congressional Republicans are working on an alternative plan to address Trump’s demands.
- A government shutdown could disrupt services and delay federal employee paychecks.
Bitcoin Market Data
At the time of press, Bitcoin is down 5.64% over the past 24 hours, with a market capitalization of $1.91 trillion.
Crypto Market Summary
The total crypto market is valued at $3.3 trillion with a 24-hour volume of $296.39 billion.
