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Within 24 hours, the whole cryptocurrency community was left in disbelief. Nearly $866.37 million in crypto positions were liquidated across major exchanges, hitting 299,277 traders. This includes $752.22 million in long positions and $114.15 million in short positions. Moreover, the <a href="https://x.com/WatcherGuru/status/1869489825902146036" rel="noopener noreferrer nofollow">U.S. stock market</a> witnessed a severe loss of over $1.05 trillion, with every entity in the red zone.<a href="https://cryptotale.org/bitcoin-could-hit-200k-by-mid-2025-says-bitfinex-analysts/" rel="noopener noreferrer nofollow">Bitcoin </a>(BTC), the leading cryptocurrency by market capitalization, dragged the crypto market downwards after crashing from a new all-time high above $108,000 set earlier this month in December. At the time of writing, BTC is valued at $101,018, down by 2.63% in the last 24 hours. Ethereum (ETH) closed 3.96% down at $3,668.25, while Binance Coin (BNB) was 0.83% down, XRP 2.58% down, and Cardano (ADA) 5.62% down.One of the main triggers for the liquidation is channeled to <a href="https://cryptotale.org/crypto-market-dips-after-fed-chair-powells-rate-cut-caution/" rel="noopener noreferrer nofollow">Jerome Powell</a>’s FOMC speech in which he stated that the “FED cannot own Bitcoin.” This statement indicated that he was not willing to include Bitcoin in the U.S. Treasury, which received stark criticism from the crypto community.Notably, Satoshi brought in the concept of crypto to eliminate the involvement of banks for traders. Drawing emphasis on the monetary policy and the central bank’s stance on digital assets, Powell stated that the Federal Reserve would not get entwined in the affairs of cryptocurrency but would limit their focus on traditional financial systems. <a href="https://cryptotale.org/markets-sharp-reaction-to-jerome-powells-fomc-speech/" rel="noopener noreferrer nofollow">Read More on CryptoTale </a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Market’s Sharp Reaction to Jerome Powell’s FOMC Speech

CryptoTale

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