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The Defiant 2024-12-20 15:53:19

Crypto Market Struggles after Fed's Cautious Outlook and Rate Cut Remarks

Crypto Market Struggles after Fed's Cautious Outlook and Rate Cut Remarks

The cryptocurrency market extended its losses on Friday morning, continuing a selloff triggered by Federal Reserve Chairman Jerome Powell saying on Wednesday that the central bank has no intention of holding Bitcoin as part of its reserves and will take a more cautious approach to interest rate cuts in 2025. Bitcoin (BTC) dropped 7% in the past 24 hours, trading at around $95,000. Ethereum (ETH) declined 10% to $3,293. XRP dipped 8.4% to $2.17, and Solana decreased by 10%, now priced at $187. The overall cryptocurrency market cap dropped 9.3% to $3.4 trillion, according to CoinGecko . In the past 24 hours, 434,185 traders were liquidated, with total liquidations coming in at $1.42 billion, according to CoinGlass . BTC accounted for around $334 million in liquidations, while ETH followed with $315.4 million. The largest single liquidation order, valued at $15.08 million in ETHUSDT, occurred on Binance. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

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