Today (19) at 3 am, after the US Federal Reserve's interest rate decision was announced, although it announced a 25 basis point rate cut, lowering the benchmark rate to 4.25%-4.5%, due to reduced expectations of further rate cuts next year, BTC entered a downward trend, with BTC plummeting from a high of $104,800 to a low of $100,000, a short-term drop of up to 4.6%. As of press time, it is currently trading at $100,504.
Another possible reason for the selling pressure is that in the post-FOMC press conference, Fed Chair Powell said: "We are not allowed to hold BTC." Regarding the legal issues of holding BTC, Powell stated: "This is something Congress needs to consider, but we have no intention of seeking to change the law."
Ethereum Touches $3,617
Similarly, Ethereum also began to decline after the interest rate decision was announced, dropping from a high of $3,907 to a low of $3,617, a short-term drop of 6.8%. As of press time, it is currently trading at $3,649, down 6.45% in the past 24 hours.
$702 Million in Liquidations in the Past 24 Hours
On the other hand, according to data from Coinglass, over the past 24 hours, the total amount of cryptocurrency liquidations across the network reached $702 million, with long positions accounting for $608 million, and short positions accounting for $93.57 million, with over 25,300 people being liquidated.
