The first cryptocurrency dipped 4.3% to around $20,549, its lowest point since July 16th after the head of the US central bank said they would maintain their restrictive monetary course.
Bitcoin dropped in value to its lowest point in over a month after US Federal Reserve Chair Jerome Powell doubled down on his restrictive monetary policy at the LOVELAND Economic Symposium.
The biggest cryptocurrency by market capitalization has hit $20,549 at the time of writing but has now risen to $20,666, down 4.3% over the past 24 hours and below the $21,000 perch BTC had occupied as investors waited for Powell’s much-anticipated speech in Jackson.
The decision over whether to raise rates by 50 or 75 basis points will depend on the totality of the incoming data and evolving outlook, according to Powell.
Senior market analyst Edward Moya wrote an email saying that bitcoin’s price will likely fall below the $20,000 level. Traders will have to consider whether traders are becoming more risk averse before making a decision.
“Risky assets are struggling as Powell’s fight against inflation will remain aggressive, even as it will trigger an economic slowdown,” Moya wrote.
Most altcoins fell against the USD today following Powell’s speech and FLOW was the biggest loser amongst them, dropping 11% over the past 24 hours. Ether (ETH), Bitcoin’s closest competition, fell 8.5%
The S&P 500 plunged 3.25% following Powell’s comments and the Nasdaq fell 3.8%.
Read More:
Unexpected crypto market decrease sends out bitcoin listed below $22,000.
How long does it take to mine 1 bitcoin
Top 12 ways you can make money with crypto
The Disadvantages of Cryptocurrency and How to Protect Yourself
How do you make money with crypto? Here are the 5 Ways
How do you convert crypto to real money?
I want to to thank you for this good read!! I certainly loved every little bit of it. I have you bookmarked to look at new things you postÖ
Thank you