- BTC drops below $100K amid Powell’s Fed comments, triggering sell-offs and market-wide uncertainty.
- Whale activity spikes as traders monitor BTC resistance at $105,400 to confirm recovery trends.
Bitcoin [BTC] dropped below the $100,000 mark on Wednesday night, the 18th of December, following comments by U.S. Federal Reserve Chair Jerome Powell.
Speaking at a press conference, Powell stated that the Federal Reserve is not allowed to hold Bitcoin and has no intention of seeking a change in the law to do so.
Responding to a query about a potential U.S. government Bitcoin reserve, Powell clarified,
“We’re not looking for a law change.”
At the time of writing, Bitcoin was trading at $101,292, down 2.01% over the past 24 hours and 0.18% over the past seven days.
Powell’s comments and FOMC projections spur market uncertainty
The broader crypto market reacted negatively to Powell’s remarks and the Federal Open Market Committee’s (FOMC) rate cut projections for 2025.
Powell indicated that the number of rate cuts expected in 2025 would be halved compared to earlier projections, leading to unease across both cryptocurrency and equity markets. According to Santiment, the announcement triggered widespread sell-offs.
Source: X
Altcoins were hit hardest, with Avalanche, Chainlink, and Litecoin losing 16% each, and Pepe falling 17% over the past 24 hours.
Go to Source to See Full Article
Author: Olivia Stephanie
