Bitcoin and Major Cryptocurrencies Fall Following Hawkish Federal Reserve Commentary

Major cryptocurrencies face sharp selling pressure as hawkish remarks from Federal Reserve officials followed a 10-2 FOMC vote to maintain interest rates at 3.75% to 4%. The commentary raised market expectations for a December rate hike to approximately 81%, pushing the 10-year US Treasury yield above 5% and driving 24-hour crypto liquidations past $365 million, including $210 million in long positions. The decline marks a reversal from initial gains, where Bitcoin reached around $80,834 and total crypto market capitalization stood at $2.82 trillion before hawkish sentiment and tech equity losses weighed on markets.