Crypto Market Liquidations Hit $450 Million After Powell’s Rate Decision

Crypto markets experienced volatility after Fed Chairman Jerome Powell announced that interest rates would remain unchanged. Bitcoin's price fell below $18,500 before recovering. Total liquidations in the crypto market reached $450 million.

Crypto Market Liquidations Soar Amid Volatility

The decision to delay Fed rate cuts by Powell initially prompted a negative reaction in the crypto market. Key events include:

$433 million in total crypto liquidations, with Ethereum leading at over $103 million in long liquidations.
Ethereum's price fluctuated between $3,600 and $4,000.
Analyst Ali Martinez identified a critical support level for Bitcoin at $105,450, suggesting potential upward movement to $125,230 or $141,770 if maintained.
Another analyst, Michael van de Poppe, advised not to overreact to initial market moves post-FOMC meeting.

Jerome Powell Holds Firm on Interest Rates at FOMC Meeting

During the FOMC meeting on July 30, the US Federal Reserve decided to keep interest rates steady in the 4.25% to 4.5% range due to economic uncertainty. Key points include:

Rising tariffs are affecting consumer prices, per Powell's comments.
No decisions have been made regarding future rate adjustments at the next meeting in September.
Powell emphasized that upcoming economic data will influence future rate decisions.