Crypto Market Plummets: Bitcoin, Ethereum Suffer Losses Amidst Powell’s Hawkish Comments

The cryptocurrency market experienced a significant downturn over the past 24 hours. Total market capitalization plummeted by billions of dollars, with $1.24 billion in positions liquidated as investors reacted to Fed Chair Jerome Powell’s hawkish statements. Bitcoin and Ethereum led the decline, falling 3.86% and 5.87% respectively. While Bitcoin dipped to $107,465, Ethereum retreated to $3,769. 24-hour price drops for both Bitcoin and Ethereum were a mere 0.31% and 0.13%. These declines come as the market grapples with the impact of Jerome Powell’s December statement regarding rate cuts.