During Federal Reserve Chair Jerome Powell's recent speech, altcoins like Shiba Inu (SHIB), Cardano (ADA), and XRP saw an increase in value. However, gains were temporary as the coins eventually lost some of their value.

Powell dismissed concerns about stagflation in his speech, going against previous warnings from JPMorgan CEO Jamie Dimon. Interest rate futures are now predicting a single rate cut in 2024, with the first cut anticipated in September.

The crypto market has been affected by Powell's statements, with Bitcoin experiencing its largest monthly drop since August 2023. Initially, there were expectations for multiple rate cuts, but now the focus is on a single cut in 2024.

Investors should closely monitor Powell's remarks and decisions about interest rates, as they could have a significant impact on their cryptocurrency investments.