Crypto Market Liquidation Hits $700M Amid Fed Inflation Warning

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The crypto market saw a sharp decline, losing nearly $700 million, with over $660 million liquidated in the past 24 hours. Meanwhile, the US stock market faced a steep fall, shedding $1.5 trillion, as the S&P 500 dropped 2.95%. Federal Reserve Chair Jerome Powell, during the FOMC meeting, reiterated that the Fed cannot own Bitcoin and projected it might take 1-2 years for inflation to hit the 2% target. These developments have triggered widespread sell-offs, leaving investors wondering if this downturn presents a buying opportunity amidst the market chaos.