$400M Liquidated as Bitcoin Crashes After FOMC

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The asset has slipped by over $2,000 since the meeting concluded.

Bitcoin’s price is losing ground once again, as the asset was rejected at over $66,000 earlier today and dumped to $64,000 minutes ago, shortly after the conclusion of the latest FOMC meeting and the subsequent press conference by the new Fed Chair, Kevin Warsh.

Unlike what many expected when he replaced Jerome Powell, Warsh maintained a very hawkish tone during his speech, which caught investors by surprise.

Not The Easy-Money Chairman
DoubleLine Capital CEO Jeffrey Gundlach noted in an interview with CNBC that the new Fed Chair will aim for price stability instead of being the ‘easy money Chairman’ people thought.

“He is absolutely telling you that he plans on delivering on price stability. So that means we’re not going to have such easy money policy as everybody thought maybe Chairman Warsh would do back in the first quarter of this year when everyone was counting on rate cuts. He doesn’t sound like that today at all.”

Warsh’s hawkish speech came shortly after the US Federal Reserve maintained the interest rates unchanged for the fourth consecutive meeting.

BTC Slides Further
Bitcoin’s price already dipped after the initial Fed decision, but its situation only worsened following the press conference. The asset had dropped from an intraday high of $66,400 to $65,000, but rebounded to $65,500 before it slumped again to $64,000 minutes ago.

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