Crypto markets reacted with declines following U.S. Federal Reserve Chair Jerome Powell's statement that there is no rush to lower interest rates.
Jerome Powell's Statement
In a recent address, Jerome Powell emphasized that the U.S. Federal Reserve is not in a hurry to lower rates, highlighting the current strength of the U.S. economy. "The economy is not sending any signals that we need to be in a hurry to lower rates," Powell said, adding that such economic strength allows for careful decision-making. Powell also noted that inflation may continue to fall.
Crypto Market Reaction
Powell's remarks reduced traders' expectations for a December rate cut, which affected cryptocurrency prices. Bitcoin, which reached all-time highs on Wednesday, fell on Thursday, influencing other cryptocurrencies.
Status of Major Cryptocurrencies
Bitcoin continues to show signs of recovery, yet its price remains down 1.84% over the past 24 hours to $89,000, although weekly growth is 17%. Ethereum, Solana, Dogecoin, and Shiba Inu fell between 3% and 7%. Some cryptocurrencies, such as Hedera, showed growth, with XRP rising 15% over the past 24 hours.
While Jerome Powell's comments significantly impacted the crypto market, some assets showed positive dynamics. This underscores the complex nature of the market and the need for careful analysis of macroeconomic factors.
