Bitcoin has declined to the level of 110 thousand dollars.

Bitcoin Price Dropped by 5%

Federal Reserve Chairman Jerome Powell held an unexpectedly hawkish press conference on Wednesday. Powell stated that the current market pricing is overly anticipating a potential interest rate cut in December.

These remarks created panic in the markets, causing assets, including Bitcoin, to lose value. In the last 24 hours, it decreased by 5%, falling below the 110,000 dollar level.