According to Coinpedia, Bitcoin dropped below $86,500, wiping out over $144 billion in market value as traders reacted to Federal Reserve Chair Jerome Powell’s speech. Ethereum, XRP, and Solana also saw significant declines. The sell-off was driven by China’s continued opposition to crypto, whale movements to USDT, high Bitcoin leverage, and seasonal weakness. Powell’s remarks, scheduled for 4:00 pm ET, are closely watched for hints on future rate cuts and monetary policy. Markets are partially pricing in a December rate cut, with a 25-basis-point cut seen as likely. The Fed is ending its three-year Quantitative Tightening (QT) program, which historically has led to rallies in crypto and other asset classes. Powell’s comments could determine whether a relief rally occurs or if further declines follow.
Bitcoin Falls Below $86.5K Amid Fed Chair Powell's Speech
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