Federal Reserve Chair Jerome Powell made a statement impacting global markets and resonating within the cryptocurrency community.
Jerome Powell's Speech
Speaking at the Dallas event, Jerome Powell stated that there is no urgency in lowering interest rates as the US economy is strong. Powell noted that falling inflation could influence future rate changes, necessitating a cautious approach.
Market Reaction to the Statement
Powell's statement affected cryptocurrency markets, causing a drop in the prices of many major tokens. Bitcoin fell nearly 3% post-announcement, as the anticipated rate cut seemed less likely, impacting market sentiment.
Cryptocurrency Price Changes
Bitcoin's price dropped to $86,979, later recovering slightly to $88,100. Ethereum fell by 5.03% to $3,058, Binance Coin decreased by 2.5% to $616. Meme coins like Dogecoin and Shiba Inu saw losses of 7.36% and 4.5%, respectively, reflecting the broader market sentiment.
Jerome Powell's speech significantly influenced market confidence regarding future interest rate changes, causing fluctuations in cryptocurrency markets.
