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Bitcoin falls to $100,000 following hawkish FOMC despite 25bp rate cut

The profit-taking activity by long-term holders was met by new entrants' demand, reflecting a wealth shift movement.

CryptoSlate

Dec 19

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Happy Thursday!

Bitcoin's recent plunge to the $100,000 mark has sent ripples through the cryptocurrency market, following a hawkish tone from the Federal Reserve despite a 25 basis point rate cut. Jerome Powell's comments have prompted investors to reassess their positions, triggering a sell-off in risk assets. Meanwhile, the Delhi High Court has ordered a new investigation into WazirX amid allegations of financial misconduct linked to a North Korean hack, raising fresh concerns in the crypto space. In a notable shift, data from Glassnode reveals that wealth is moving from long-term Bitcoin holders to new investors, highlighting changing dynamics in market participation. Stay tuned for more insights into these pivotal developments.

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The global crypto market cap is $3.45 trillion, with a 24-hour volume of $266.01 billion. The price of Bitcoin is $100,029.23, and BTC market dominance is 57.3%. The price of Ethereum is $3,580.86, and ETH market dominance is 12.5%. The best-performing sector is Debit Card, which gained 2%. The Crypto Fear & Greed Index is currently Greed (75).