Bitcoin fell sharply by more than 7.7% due to a sharp selling wave

Bitcoin turned lower during Friday trading, as it was exposed to the continuation of the sharp selling wave that followed members of the Federal Reserve lowering expectations for interest cuts in 2025..

Bitcoin fell by 7.74% to $9,515.2 at 10:50 AM GMT, after rising 0.94% during trading..

Ethereum fell 3.68% to $3,248.66, as well as Ripple by 5.57% to $2.13, and Dogecoin by 9.56% to 28.82 cents..

Data from the CoinGlass platform showed that traders liquidated $1.2 billion worth of positions in the leveraged cryptocurrency derivatives market during the 24 hours following the Federal Reserve meeting last Wednesday..

The data showed that more than $1 billion of these positions were for purchase, or bets on the price rising.

Federal Reserve Chairman Jerome Powell said, in a press conference following the Fed’s meeting last Wednesday, that the law does not allow the US central bank to maintain a reserve of the cryptocurrency Bitcoin, and there is no desire for monetary policy makers to participate in any government efforts aimed at doing so..

Powell explained that considering legal issues related to the central bank’s possession of Bitcoin falls within the jurisdiction of Congress.

This is after Powell previously stated, on December 4th, in press statements, that the Fed regulates and supervises the banking sector, and does not want the interaction between the business of crypto-assets and banks to threaten the health of the banks, and pointed out that the Central Bank does not undertake to regulate the cryptocurrency market in a proper way. direct.

Previously, US President-elect Donald Trump pledged to establish a strategic reserve of Bitcoin after his return to the White House, and created a new position called “Czar of Artificial Intelligence and Cryptocurrencies” and plans to assign it to David Sachs, the former CEO of PayPal.

According to CoinMarketCap data, the market value of all cryptocurrencies fell by 8.19% to $3.24 trillion, with trading volume over the past 24 hours increasing by 11.54%, indicating continued selling operations..

It is noteworthy that the cryptocurrency market was exposed to a correction wave that pushed Bitcoin to fall below the important psychological level of $100,000, which came after policymakers at the Federal Reserve indicated the possibility of making only two interest rate cuts during the next year..