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