Fed Chair Powell Issues ‘Critical’ Warning, Sparking Sudden $60,000 Bitcoin Price And Crypto Crash
Bitcoin -2.6% has suddenly crashed back toward $60,000 per bitcoin after one billionaire bitcoin buyer revealed they've flipped on bitcoin.
The bitcoin price has struggled over the last month, dropping almost 15%, as fears of a "true correction" swirl.
Now, after one of the biggest bitcoin bulls has said the cryptocurrency could eventually replace the U.S. dollar, Federal Reserve chair Jerome Powell has warned of a "critical period" for the Fed, calling deficit levels "unsustainable."
"The level of debt we have is completely sustainable but the path we are on is unsustainable," Powell said during the European Central Bank's Portugal conference, it was reported by the Financial Times, adding the Biden administration was taking excessive risks by "running a very large deficit at a time when we are at full employment" and said "you can’t run these levels in good economic times for very long."
In May, Treasury secretary Janet Yellen issued a serious warning over the spiralling $34 trillion U.S. debt pile that some think could help propel the bitcoin price to $1 million over the next 18 months.Bitcoin, crypto and stock market traders have been closely watching the Fed for signs it will begin cutting interest rates in recent months, with analysts forced to dial back expectations of around seven cuts in 2024 to just one or two.
"Getting the balance on monetary policy right during this critical period, that’s really what I think about in the wee hours," Powell said in response to a question about his top worries, the AP reported.
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