BTC price drops $100,000, Ethereum loses 3650, Powell: The Federal Reserve is not allowed to hold BTC

After the announcement of the Intrerest Rate decision by the Federal Reserve in the United States today, the encryption market started to take a nosedive. BTC plummeted below the $100,000 mark, and Ethereum also experienced a long wick candle at $3,617. The total contract liquidation volume on the entire network in the past 24 hours reached $702 million, with over 253,000 people being liquidated. (Previous summary: Will BTC have a Christmas market? Analyzing the historical data of BTC over the past 10 years) (Background: Massacre! BTC experiences a big long wick candle at $94,150, ETH price drops to $3,500, and 560,000 people get liquidated, creating the second-largest loss in history) After the announcement of the Intrerest Rate decision by the Federal Reserve in the United States at 3 am today, although they announced a rate cut of one basis point, lowering the benchmark Intrerest Rate to 4.25% to 4.5%, the expectation of a further rate cut next year caused BTC to enter a downward trend. BTC plummeted from a high of $104,800 to a low of $100,000, with a short-term decline of up to 4.6%. At the time of writing, it is trading at $100,504. Another possible reason for the selling pressure is that Fed Chairman Powell said at the press conference after the FOMC meeting: 'We are not allowed to hold BTC.' Regarding the legal issues of holding BTC, Powell stated: 'This is something for Congress to consider, but we have no intention of seeking to change the law.' Ethereum also experienced a long wick candle at $3,617. Similarly, Ethereum also started to decline from a high of $3,907 after the Intrerest Rate decision was announced, and at one point, it had a long wick candle at $3,617, with a short-term decline of 6.8%. At the time of writing, it is trading at $3,649, a decline of 6.45% in the past 24 hours. A total of $702 million was liquidated in the past 24 hours. On the other hand, according to Coinglass data, the total amount of liquidated funds in the cryptocurrency network in the past 24 hours reached $702 million, with a majority of $608 million in liquidated long orders and $93.57 million in liquidated short orders, with over 25,300 people being liquidated.