The cryptocurrency market reacted to Fed Chair Jerome Powell's speech at the Jackson Hole meeting, leading to significant price changes for tokens.
Market Reaction to Jerome Powell's Speech
At the start of Friday's trading, investors began to analyze Jerome Powell's speech at Jackson Hole, in which he indicated the possibility of a rate cut at the upcoming Fed meeting scheduled for September 16-17. Powell stated that "the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance."
Price Increases in Cryptocurrencies
Cryptocurrencies, particularly Bitcoin and Ethereum, witnessed gains of 3% and 7% respectively in the last hour. Shiba Inu also rose nearly 5% and is currently trading at $0.00001269.
Liquidation Imbalance in the Crypto Market
The crypto market experienced a rapid rise, resulting in $206 million in short liquidations. Shiba Inu saw a sudden price spike from $0.00001202 to $0.00001287. According to CoinGlass data, total liquidations of Shiba Inu amounted to $53,390, with $51,300 in short positions liquidated. The liquidation imbalance reached 2491%.
Jerome Powell's speech sparked significant price changes in the cryptocurrency segment, leading to substantial position liquidations and drastic increases in assets such as Shiba Inu.