Fed’s Anti-Bitcoin Stance Triggers Major Crypto Market Sell-off
Today, December 19, 2024, the overall cryptocurrency market is experiencing notable losses, with major cryptocurrencies like Bitcoin (BTC), Solana (SOL), Ethereum (ETH), and XRP seeing significant price declines over the past 24 hours. A potential reason for this drop is the recent Federal Reserve rate cut meeting.
Reason Behind the Crypto Market Decline
During the conference, the Federal Reserve announced an interest rate ceiling of 4.50%, aligning with expectations, compared to the previous rate of 4.75%.
Jerome Powell made a bold statement on cryptocurrency that significantly impacted the overall market. In a statement, Powell noted that we are not allowed to own Bitcoin and have no desire to change the laws.
This statement by the Fed…
