Bitcoin's Nosedive to Under $100K Shaves $700M Crypto Longs, XRP Drops 5%
Bitget Academy2024/12/19 07:29
By: Bitget Academy
BTC fell under $100,000 in late U.S. hours before slightly recovering during early Asian hours Thursday, as the Federal Reserve hinted at a few rate cuts in 2025. Fed chair Jerome Powell then said at a post-FOMC press conference that the central bank wasn’t allowed to own bitcoin under current regulations — in response to a question about President-elect Donald Trump’s strategic reserve promises.
"That's the kind of thing that Congress should consider, but we are not looking for a law change," Powell said. In a July campaign, Trump said the government would keep 100% of all the bitcoin it currently holds or acquires in the future under his administration — referring to the stockpile of seized BTC held by the country.
BTC fell 3% after Powell’s comments, causing a dive across majors. XRP, dogecoin (DOGE) and Solana’s SOL fell as much as 5.5%, with BNB Chain’s BNB and ether (ETH) down 2.5%. Chainlink’s LINK fared the worst with a 10% drop — erasing some gains from earlier in the week as Trump-backed World Liberty Financial purchased $2 million worth of the tokens. The market slide led to over $700 million in bullish bets liquidated, with futures tracking smaller altcoins and meme tokens recording higher losses than BTC or ETH futures in an unusual move, data shows.
Source: Coinglass
Some traders say Powell’s comment may mark a local top, dampening expectations of a continued rally toward the end of the month.
Source: CoinDesk
Futures Market Updates
FED's hawkish tone sent Bitcoin below $100K, thus erasing long positions.
Bitcoin Futures Updates
Total BTC Open Interest: $67.73B (-1.19%)
BTC Volume (24H): $151.22B (+41.86%)
BTC Liquidations (24H): $112.65M (Long)/$33.90M (Short)
Long/Short Ratio: 48.55%/51.45%
Funding Rate: 0.0076%
Ether Futures Updates
Total ETH Open Interest: $27.13B (-3.97%)
ETH Volume (24H): $74.62B (+33.37%)
ETH Liquidations (24H): $111.96M (Long)/$15.59M (Short)
Long/Short Ratio: 47.85%/52.15%
Funding Rate: 0.0094%
Top 3 OI Surges
USUAL: $92.20M (+758,574,971.63%)
APU: $35.60K (+936.22%)
UXLINK: $166.51M (+70.13%)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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