$BTC $DOGE

Cryptocurrency markets experienced a slight decline during Thursday evening trading in the U.S., following comments from Federal Reserve Chair Jerome Powell. Speaking at a conference in Dallas, Powell stated, “The economy is not sending any signals that would push us to rush into rate cuts. The current economic strength allows us to make decisions cautiously.”

Bitcoin (BTC) dropped 1.5% to $88,300 immediately after Powell’s remarks and continued declining to $88,000 at the time of writing, marking a 3.2% decrease over the past 24 hours. Ethereum (ETH) saw a similar drop, while the broader CoinDesk 20 Index rose by 0.5%, driven by a 13% surge in #Ripple (XRP). This increase might be linked to SEC Chair Gary Gensler’s potential resignation hinted at in a Coindesk report following Trump’s victory.

According to the CME FedWatch Tool, the likelihood of a rate cut for the Federal Reserve’s December meeting fell from 83% to 62% after Powell’s speech. Traditional markets also felt the pressure, with the Nasdaq dropping 0.75% to hit its session low near the close.

Despite these slight declines, cryptocurrency markets remain significantly up in recent weeks. Bitcoin has gained 15% over the past week, while assets like Cardano (ADA), Ripple (XRP), NEAR, and XLM have seen increases ranging from 20% to 40%.

Summary:

• Jerome Powell’s cautious remarks on rate cuts led to slight declines in crypto and traditional markets.

• Bitcoin fell 3.2% in 24 hours to $88,000; Ethereum also declined.

• Ripple (XRP) surged 13%, possibly due to reports of SEC Chair Gensler’s potential resignation.

• Rate cut probabilities for December dropped from 83% to 62%.

• Cryptocurrencies remain strong overall, with Bitcoin up 15% weekly and some altcoins seeing gains of up to 40%.