The cryptocurrency market continued to retreat in the past 24 hours, showing no signs of recovery.
Price movements of top cryptocurrencies at 08:20 AM on December 20, 2024. Image: CoinMarketCap
Following the latest statement by Federal Reserve (Fed) Chairman Jerome Powell on the prospect of interest rate cuts in 2025, the prices of Bit and many other cryptocurrencies continued to be adjusted in the past few hours.
As previously reported by Coin68, although the Fed decided to further reduce interest rates by 0.25% at its recent meeting on December 18 (US time), Powell's subsequent comments shocked the entire financial world. Specifically, the Fed chief said that as the US economy still shows many signs of instability and inflation remains high, the Fed may reduce the frequency of interest rate adjustments in 2025 to curb inflation.
This information immediately caused the Bit price to drop below the $100,000 mark on the morning of December 19, while the US stock market "evaporated" more than $1 trillion in capitalization.
By the morning of December 20, Bit continued to decline by an additional 3.5% to below $96,000. Red also flooded the market as the top altcoins lost an additional 8-12% in value.
Bit price movements in the last 24 hours, screenshot from CoinGecko at 08:20 AM on December 20, 2024
Ethereum price plummeted to around $3,350, wiping out the growth it had achieved in December. Similarly, SOL also dropped to $190, while BNB went to $650.
The only two exceptional cases were Movement (MOVE) and the meme-coin Fartcoin (FARTCOIN), which bucked the market trend by growing over 30% compared to 24 hours ago.
Price movements of top 100 cryptocurrencies, screenshot from CryptoBubbles at 08:20 AM on December 20, 2024
Data from CoinGlass shows that the total value of liquidated Derivative positions in the past 24 hours exceeded $1.03 billion, with the long side accounting for 83.5%.
Liquidation data in the Derivative market, screenshot from CoinGlass at 08:20 AM on December 20, 2024
Compiled by Coin68
