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Editor: @PhoenixxDown

Powell: “We Are Not Allowed to Own Bitcoin”

Yesterday’s FOMC meeting concluded with a widely anticipated 0.25% interest rate cut, bringing the target range down to 4.25%-4.50%. However, Federal Reserve Chair Jerome Powell’s remarks on Bitcoin rattled markets, causing sharp declines in the crypto and stock markets. Amid the turbulence, an unexpected hero emerged: Fartcoin. The memecoin defied broader market trends, becoming a rare bright spot on a difficult trading day.

Powell’s Bitcoin Stance Causes Sell-Off

During the post-meeting press conference, Powell was asked about a Strategic Bitcoin Reserve—a concept recently floated by President-elect Donald Trump. Powell dismissed the idea outright:

“We are not allowed to own Bitcoin. This is something for Congress to consider, but we have no intention of pursuing a law change.”

Bitcoin reacted immediately, plunging 5% from $108,000 to around $100,800. Ethereum and XRP followed with losses of 6% and 9%, respectively. Adding to the bearish mood, the Fed reduced its forecast for 2025 rate cuts to just two, down from four in earlier projections.

Many on X criticized Powell’s comments, with many pointing out that the Federal Reserve’s inability to hold Bitcoin is irrelevant; any such reserve would fall under the U.S. Treasury’s purview. Analysts attributed the sell-off more to market confusion than to any substantive policy threat.

Amidst the market bloodbath, Fartcoin emerged as an unlikely hero. The memecoin crossed a $1 billion market cap within just two months of its launch. Its rally, despite the hawkish Fed outlook, led some to hail it as an unlikely “store of value” in turbulent times.

Takeaways from the FOMC Meeting

The Fed’s decision to slow the pace of rate cuts signals lingering inflation concerns, with a year-end 2025 target of 2.5%. Powell reiterated the need for caution, stating:

“While inflation is cooling, we will carefully monitor economic data before making further policy adjustments.”

Despite the volatility, Bitcoin remains above the $100,000 mark, closing the daily candle just above this critical level. Analysts, including Rekt Capital, warn that failing to turn $101,000 into support could spell trouble in the short term.

Looking ahead, while 2024 may bring continued uncertainty, there is optimism for a market recovery as we move into 2025. For deeper insights, check out Landy’s Wednesday Check-In in the Market Analysis section of the newsletter.

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Todays Markets

Catch-up with @CryptoLandy with his Wednesday Check-In:

Ordinals

Bitcoin Puppets continue to anchor the Ordinals market, with their sales volume nearly eclipsing the combined total of the rest of the top five. However, their floor price saw a more pronounced decline compared to their nearest competitor, NodeMonkes, which managed to remain relatively stable.

The picture is less optimistic for recent mints. Sleepyheads suffered a staggering 46.5% drop in floor price today, while Fukuhedrons experienced a sharp fall but are holding their levels slightly better.

Pizza Pets continued their slide despite the announcement that service fees are currently suspended—read more on that here.

In a challenging market, Yokai Avengers is emerging as a reliable store of value amidst widespread declines. Their floor now stands at 0.059 BTC, making them a potential safe harbor during this turbulent period.

Based Angels saw a modest climb, but the rest of the lower half of the top 10—including OMB—saw declines, with OMB’s floor dropping below 0.14 BTC.

Market-wide volume remains alarmingly weak. Until this metric shows improvement, broader changes in sentiment or performance are unlikely.

Runes

I have some good news and I have some bad news.

Let’s start with the good news: the alarming prices you see in screenshots making the rounds are glitched. The true floors are as follows:

• PUPS: 133 sats

• BDC: 64 sats

• GIZMO: 19 sats

Now for the bad news: those real floors are still far from inspiring confidence.

As highlighted in today’s headline story, the entire market is under pressure. Runetoshi summed it up succinctly:

You Can’t Stop Freedom has entered the top 10. Check if you’re eligible to claim by following the link in the Top Post of the Day section above.

While it’s tempting to think the market is at a breaking point, history shows this is a familiar cycle. Sentiment remains bearish, but every day brings us closer to better times.

Patience is key—hold on!

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