BTC rebounded from a high of $98,000 yesterday and then fell again, hitting a low of around $95,682 this morning. As of the time of writing, it is trading at $97,278, down 3.85% in the last 24 hours.
Further Reading:Which is Better for Your Portfolio, Bitcoin or Gold? Bitwise CIO: BTC is the True Asset
$1 Billion in Liquidations in the Last 24 Hours
According to Coinglass data, the total amount of cryptocurrency liquidations in the past 24 hours reached $1.03 billion, with long positions accounting for $859 million and short positions $169 million, affecting over 300,000 traders.
Bitwise CIO: Fed Rate Hike Slowdown Won't Affect Bitcoin's Uptrend
One of the main reasons for this drop is believed to be related to the Federal Reserve's announcement yesterday (19th) of a 25-basis-point rate hike, but hinting that it will slow the pace of rate hikes to 50 basis points in 2025, rather than the previously expected 100 basis points.
However, Bitwise CIO Matt Hougan tweeted earlier that the current situation will not hinder Bitcoin's uptrend. Hougan pointed out that the Fed's signal does have an adverse effect on risk assets, and both the stock market and Bitcoin have fallen, but he believes that the current correction does not mean the end of cryptocurrencies, as the correlation between the Fed's attitude and Bitcoin has become less tight, and Bitcoin now has its own internal upward momentum:
I think this is just a small hiccup in Bitcoin's upward trajectory.
The Fed's influence on cryptocurrencies has diminished, and cryptocurrencies now have intrinsic momentum, with the broader trend still pushing Bitcoin higher, including:
. Washington policy is now supportive of cryptocurrencies
. Institutional adoption and ETF inflows are steadily increasing
. Governments and companies will continue to buy Bitcoin
. Blockchain technology has seen major breakthroughs
