Bitcoin Suddenly Dumped by $3K as Liquidations Hit $200M Hourly: Is the Fed to Blame?

XRP is among the poorest performers now, dropping by 5% on a daily scale.
ByJordan Lyanchev

Bitcoin’s rather stable price moves over the past day or so were disrupted after Kevin Warsh finished his speech at Jackson Hole, as the asset slumped by a few grand in an hour.

Its move south dragged many altcoins with it, resulting in over $200 million in liquidated positions at one point, according to data from CoinGlass.

https://x.com/KobeissiLetter/status/2093376075246031190

The primary cryptocurrency traded at around $79,500 before the speech began, dipped to $78,500 during, and returned to its starting point after its completion. However, the market reacted in the following hour or so, as it mimicked Wall Street.

During his first speech at the helm of the US Federal Reserve, Warsh remained hawkish while the markets expected him to follow the example set by US Treasury Secretary Scott Bessent.

Instead, he reaffirmed the Fed’s 2% inflation target and called it “firm and fixed.” He believes the current figures of around 3.7% remain too high.

Although there was no official confirmation that the central bank would hike the rates at the upcoming FOMC meeting next month, the odds on prediction markets increased.

Source: cryptopotato.com