Bitcoin price rises $3,000 in hours ahead of Jerome Powell’s speech today

The crypto market continues its Monday correction as bitcoin took another big tumble in the last hour or so, falling to just over $63,000.

This comes just hours before US Fed Chairman Jerome Powell speaks in Nashville, Tennessee, where he is expected to elaborate on the central bank’s monetary policy pivot.

CryptoPotato reported earlier today about BTC’s initial price drop that had taken the asset from over $66,000 to $64,200. The situation has worsened since then, as the asset fell to $63,250, a four-day low, before recovering slightly to $63,500.

Bitcoin/Price/Chart 30.09.2024. Source: TradingView

The difference now is that many of the altcoins have followed suit with similar declines. Among the biggest losers on a 24-hour scale are Shiba Inu (-6.3%) and Dogecoin (-5%).

As a result, the total value of liquidated positions has increased to $190 million over the past day, according to data from CoinGlass. Approximately 70,000 overleveraged traders have been destroyed in the same time period.

Volatility is likely to be driven by uncertainty over Powell’s upcoming speech. Reuters reported that it is expected to provide more information on the Fed’s change in monetary policy earlier this month, when the central bank cut interest rates by 0.5% for the first time in more than four years

Experts expect Powell to hint at further rate cuts at the next FOMC meeting in 2024 and even 2025. The Fed is expected to introduce another rate cut on November 6-7 by 0.25% or 0.5%.

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