Bitcoin's value saw a significant drop on Thursday, falling below the $108,000 mark and reaching an intraday low of $107,387 per coin. This decline was accompanied by the liquidation of more than $400 million in long positions in the market. The move comes after remarks from Federal Reserve Chair Jerome Powell, which sent shockwaves through the cryptocurrency markets.

Sellers appear to be exerting substantial pressure on the market, leading to a 3.4% decrease in Bitcoin's value against the U.S. dollar. The market's current sentiment turned bearish as it reacted to the hawkish tone set by the Fed, which usually signals tighter monetary policies and interest rate hikes.