Bitcoin and Crypto Markets See Positive Movement Following Fed Chair’s Speech
Bitcoin (BTC) and the cryptocurrency markets experienced an upward tick on Friday after Jerome Powell, the Chair of the U.S. Federal Reserve, expressed reserved optimism about the American economy in a speech at Spelman College in Atlanta.
In his speech, Powell acknowledged that inflation initially arose due to a combination of high demand and constrained supply caused by the pandemic. He emphasized that the normalization of supply and demand conditions, along with tight monetary policy, have played a critical role in disinflation.
Powell also noted that the economic effects of the pandemic are still unfolding, leading to an unusually elevated level of uncertainty. As a result, Fed officials are making decisions on a meeting-by-meeting basis.
At the time of writing, Bitcoin is trading at $38,728, marking an increase of nearly 3% in the past 24 hours. The total crypto market cap has also risen by around 2% during this period, according to CoinGecko.
Hot Take: Crypto Market Responds to Powell’s Speech
The cryptocurrency market has shown positive movement following Jerome Powell’s speech regarding inflation and the American economy. Bitcoin and other cryptocurrencies experienced an upward tick as investors reacted to Powell’s reserved optimism and acknowledgement of ongoing uncertainties caused by the pandemic. With Bitcoin trading at $38,728 at the time of writing, it is clear that Powell’s remarks have resonated with market participants. As we continue to navigate through these uncertain times, it will be important to closely monitor any further developments or statements from Powell and other key figures in order to assess their potential impact on the crypto markets.
By
By
By
By
By