Bitcoin's price rebounded today above $101,000, following an earlier dip to $99,000 levels triggered by market liquidations. This follows the FOMC meeting where Fed Chair Jerome Powell discussed interest rates and Bitcoin.
Bitcoin Price Rebounds
At the time of writing, BTC is trading above $101,600, down 2% today. However, the digital asset's price recorded a quick rebound to current levels following an earlier price drop close to $99,000. This drop came as the entire crypto market was rocked by liquidations.
24-Hour Crypto Market Liquidations
Coinglass data shows the crypto market recorded over $779 million in liquidations, with more than $659 million in long positions and almost $120 million in shorts. Bitcoin recorded over $142 million in liquidations: $110.4 million in longs and $32.3 million in shorts.
FOMC Meeting Recap: Rate Cuts and Bitcoin
During the FOMC meeting, Fed Chair Jerome Powell announced a 25 bps interest rate cut. He also addressed Bitcoin, stating that the Fed does not plan to add BTC to its balance sheet, as the Federal Reserve Act prohibits it. Despite some market concerns, Scott Melker clarified that if BTC were made a reserve asset, it would be handled by the US Treasury, not the Fed.
Despite today's price fluctuations and market liquidations, prospects for future Bitcoin reserves and continued global crypto adoption support investor optimism.
