Crypto Markets Experience $200 Million in Liquidations Amid Powell’s Remarks
Crypto markets experienced increased volatility due to remarks from Federal Reserve Chair Jerome Powell, leading to over $200 million in liquidations within an hour. Bitcoin (BTC) fell below $116,000 during this time but later rebounded above $117,000, ending the day 0.8% down. Ether (ETH) dropped nearly 3% before recovering to $3,750, representing a 0.6% decline.
Main points:
- Powell's hawkish comments caused market turbulence.
- Liquidations exceeded $200 million across digital assets.
- BTC traded at lower levels within its three-week range.
- Altcoins like Solana (SOL) and Avalanche (AVAX) saw initial declines of 4%-5% but recovered.
- Meta (META) and Microsoft (MSFT) reported strong earnings, boosting their stock prices by 10% and 6%, respectively.
- Analyst Matt Mena noted potential Fed policy shifts amid weakening consumer spending and rising unemployment.
- Mena predicts BTC could reach $150,000 by year-end if rates are lowered.