Bitcoin's Nosedive to Under $100K Shaves $700M Crypto Longs, XRP Drops 5%

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Bitget Academy2024/12/19 07:29

By:Bitget Academy

BTC fell under $100,000 in late U.S. hours before slightly recovering during early Asian hours Thursday, as the Federal Reserve hinted at a few rate cuts in 2025. Fed chair Jerome Powell then said at a post-FOMC press conference that the central bank wasn’t allowed to own bitcoin under current regulations — in response to a question about President-elect Donald Trump’s strategic reserve promises.

"That's the kind of thing that Congress should consider, but we are not looking for a law change," Powell said. In a July campaign, Trump said the government would keep 100% of all the bitcoin it currently holds or acquires in the future under his administration — referring to the stockpile of seized BTC held by the country.

BTC fell 3% after Powell’s comments, causing a dive across majors. XRP, dogecoin (DOGE) and Solana’s SOL fell as much as 5.5%, with BNB Chain’s BNB and ether (ETH) down 2.5%. Chainlink’s LINK fared the worst with a 10% drop — erasing some gains from earlier in the week as Trump-backed World Liberty Financial purchased $2 million worth of the tokens. The market slide led to over $700 million in bullish bets liquidated, with futures tracking smaller altcoins and meme tokens recording higher losses than BTC or ETH futures in an unusual move, data shows.

Bitcoin's Nosedive to Under $100K Shaves $700M Crypto Longs, XRP Drops 5% image 0

Source: Coinglass

Some traders say Powell’s comment may mark a local top, dampening expectations of a continued rally toward the end of the month.

Source: CoinDesk

Futures Market Updates

FED's hawkish tone sent Bitcoin below $100K, thus erasing long positions.

Bitcoin Futures Updates

Total BTC Open Interest: $67.73B (-1.19%)

BTC Volume (24H): $151.22B (+41.86%)

BTC Liquidations (24H): $112.65M (Long)/$33.90M (Short)

Long/Short Ratio: 48.55%/51.45%

Funding Rate: 0.0076%

Ether Futures Updates

Total ETH Open Interest: $27.13B (-3.97%)

ETH Volume (24H): $74.62B (+33.37%)

ETH Liquidations (24H): $111.96M (Long)/$15.59M (Short)

Long/Short Ratio: 47.85%/52.15%

Funding Rate: 0.0094%

Top 3 OI Surges

USUAL: $92.20M (+758,574,971.63%)

APU: $35.60K (+936.22%)

UXLINK: $166.51M (+70.13%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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