Bitcoin’s been on a bit of a rollercoaster lately, dipping down to just above $63,000, marking a multi-day low. The Monday blues hit the crypto market hard, with Bitcoin shedding another grand in the last hour. It’s like BTC woke up on the wrong side of the blockchain bed!
This price drop comes just as everyone’s gearing up for US Fed Chair Jerome Powell’s big speech in Nashville, Tennessee. All eyes are on him as he’s expected to dish out the latest scoop on the central bank’s monetary policy.
Earlier today, BTC took a hit, sliding from over $66,000 to $64,200. But that wasn’t the end of the story. It continued its descent to $63,250, hitting a four-day low, before clawing its way back up slightly to $63,500.
Bitcoin’s not suffering alone though; it’s dragging a bunch of altcoins down with it. Shiba Inu and Dogecoin are among the biggest losers, down 6.3% and 5% respectively over the past 24 hours.
With all this turmoil, a whopping $190 million in positions have been liquidated in the past day, leaving about 70,000 over-leveraged traders licking their wounds.
The wild ride is likely fueled by the jitters surrounding Powell’s upcoming speech. He’s expected to shed more light on the Fed’s recent monetary policy shift, which saw interest rates cut by 0.5% for the first time in over four years.
Experts are buzzing with speculation that Powell might hint at more rate cuts in the pipeline for 2024 and 2025. The Fed could be gearing up for another trim on November 6-7, possibly shaving off another 0.25% or even 0.5%.
Buckle up, crypto enthusiasts—it looks like we’re in for a bumpy ride!
