The power of the Federal Reserve is amazing, BTC drops to 97K, and the US stock market is struggling to recover.

The US stock market closed with volatility and a slight decline. After the Federal Reserve lowered expectations for interest rate cuts next year, the US stock market struggled to rebound from dumping. The decline in cryptocurrencies is even more astonishing, with BTC reaching a low of $95,700 this morning and Ethercoin dropping to a low of $3,326. Within 24 hours, the total liquidation volume across the network reached $1.03 billion.

The U.S. economy is strong, and the stock market has not recovered from the dumping caused by the Federal Reserve.

The US stock market closed with volatility and a slight decline. After the Federal Reserve lowered expectations for interest rate cuts next year, the US stock market struggled to rebound from dumping.

The U.S. Department of Labor on Thursday (12/19) released data showing that the number of initial jobless claims dropped to 220,000 last week, lower than the market's expectation of 229,000, continuing some seasonal fluctuations often seen during the holiday period. The domestic gross domestic product (GDP) for the third quarter was revised up from 2.8% to 3.1%.

The data shows that the US economy is robust, confirming the Fed's cautious new policy of gradual easing. As the Fed cut interest rates as expected by the market, implying a smaller rate cut in the future, the major US stock indices plummeted on 12/18, with the VIX panic index surging to 27.62, but it has since retreated on Thursday.

The Bank of Japan decided to maintain interest rates unchanged, and the US dollar rose 1.51% to 157.13 against the Japanese yen, the highest since July. Governor Haruhiko Kuroda said more time is needed to assess the recently released economic data and the impact of President-elect Trump's policies.

The market will closely watch the last noteworthy data of this year, November personal consumption expenditure (PCE), to be released on Friday.

BTC broke $100,000, with a total liquidation volume of 1.03 billion dollars on the entire network

BTC continued to fall yesterday, hitting a low of $95,700 this morning, while Ethercoin's trend was even weaker, probing as low as $3,326. Dogecoin plummeted by over 11%. The top ten cryptocurrencies all saw a decline of more than 3% in market value.

Data Source: CoinGecko

According to Coinglass data, the forced liquidation volume of BTC within 24 hours reached 248 million US dollars, Ethercoin reached 208 million US dollars, and the total liquidation volume of the whole network reached 1.03 billion US dollars.

This article, the power of the Federal Reserve is amazing, BTC fell to 97K, and the US stocks are trying to rebound. Originally appeared on Chain News ABMedia.