Jerome Powell’s recent comments have sent shockwaves through the market, causing a significant decline in both US stocks and Bitcoin prices. With nearly $1.5 trillion wiped off US stock markets and Bitcoin falling below $99k, it seems that the global trend of Bitcoin adoption is holding firm for now.
Despite the market turmoil, influential figures in the European Union are voicing their concern about keeping pace with the US in terms of crypto initiatives, particularly the possibility of establishing a Bitcoin reserve. Meanwhile, investment funds and major crypto companies continue to amass Bitcoin, seemingly unfazed by Powell’s remarks and fluctuating market conditions.
While Powell’s statements might not directly impact Bitcoin prices, the overall sentiment towards interest rates and economic outlook appears to be influencing investor behavior. As we enter a new cycle characterized by state-level acceptance rather than retail investor enthusiasm, it remains to be seen how the market will react to further developments.
With BlackRock and other entities like MicroStrategy actively purchasing Bitcoin, along with crypto mining companies acquiring substantial amounts of the cryptocurrency, it seems that despite temporary setbacks, the demand for Bitcoin remains strong. It’s crucial to stay informed and adaptable as the landscape evolves under the watchful eye of key players like Powell and the incoming US administration.
Source
Source: www.bitcoininsider.org
