Bitcoin and Ethereum Decline Amid Anticipation of Fed Chair’s Speech
- Bitcoin price decreased by over 1% to $121,779, with a low of $121,191 in the last 24 hours.
- Ethereum fell more than 3% to $4,336, reaching an intraday low of $4,324.
- Over $550 million in total liquidations occurred in the crypto market within the last day.
- More than $156 million in long positions were liquidated in just one hour.
- The CME FedWatch tool indicates an estimated probability of an upcoming rate cut by the Fed at around 80% for December.
The broader crypto market is experiencing volatility as traders await comments from Fed Chair Jerome Powell regarding monetary policy amidst a U.S. government shutdown. The recent FOMC Minutes suggest support for further easing this year, influencing market sentiment significantly.
With Bitcoin and Ethereum both facing significant declines and liquidations exceeding $550 million recently, the market remains cautious ahead of potential monetary policy shifts from the Federal Reserve.(Source)
