Warsh's Hawkish Stance Sends Bitcoin Price Plummeting Over $2,000

The price of Bitcoin has plummeted after the FOMC meeting and press conference by new Fed Chair Kevin Warsh. Unlike expectations, Warsh maintained a hawkish tone during his speech, indicating he will prioritize price stability over easy money policy. This sent shockwaves through the market, causing Bitcoin's price to drop from an intraday high of $66,400 to $64,000 in just a few hours.

Warsh's stance was a surprise to many, with DoubleLine Capital CEO Jeffrey Gundlach noting that he plans on delivering on price stability. The new Fed Chair's hawkish tone has already had a significant impact on the market, with Bitcoin's price dropping by over $2,000 since the meeting concluded.

The sharp decline in Bitcoin's price has also affected other cryptocurrencies, with Ethereum down 3% daily to under $1,740 and BNB losing its $600 support. The intense price moves have led to significant liquidations, with over $400 million in positions wiped out in just a few hours, with longs responsible for the lion's share of the losses.