Leading cryptocurrencies tanked Wednesday after the Federal Reserve's hawkish outlook and the central bank's statement that it has no interest in owning Bitcoin.

What Happened: Bitcoin plunged sharply through the day but managed to stay above the psychologically crucial $100,000 mark.

Ethereum's descent was steeper, as the second-largest cryptocurrency retreated to the $3,600 region following a near 6% drop.

The slump triggered over $675 million in cryptocurrency liquidations in the last 24 hours, with long liquidations hitting $578 million.

The decline came following Fed Chair Jerome Powell's comments during the press conference following the Federal Open Market Committee meeting, where he...