Bitcoin, Ethereum Fall After Powell Speech

Bitcoin and Ethereum are falling after Federal Reserve Chairman Jerome Powell said in a speech that the Fed is not contemplating Bitcoin and cannot acquire it.

The Federal Reserve lowered the federal funds rate by 25 basis points to 4.25%–4.5% yesterday. Chairman Powell said after the rate decrease, stating, “The US economy is growing at a healthy 2.5% pace, unemployment is low, but the inflation forecast is higher, and there is uncertainty.”

Fed Chair Powell Skips Bitcoin Reserve Talks:
When questioned about Bitcoin reserves, Powell said, “We can’t own Bitcoin. We don't want much change. Congress should examine that.”

After Powell's hawkish speech, Bitcoin went below $100,000, down 5% in 24 hours, while several altcoins plunged more than 10%. In 24 hours, $709 million was liquidated, including $612 million in long orders.

Bitcoin and Ethereum plummeted after Powell's speech. Bitcoin has fallen 4.23% to $100,671 after hitting an all-time high of $108,239 on December 17. Bitcoin's 24-hour trading volume rose 42% to $99.52 billion, while its market worth declined 3.87% to $1.99 trillion.


Ethereum also experienced ripples. After falling 5.10% yesterday, Ethereum is presently $3,659. Its market worth fell 5.22% to $440.81 billion. Ethereum's 24-hour trading volume rose 49.27% to $52.45 billion.

Several cryptocurrencies plunged more than 10% after Powell's aggressive remarks. In 24 hours, $709 million was liquidated, including $612 million in long orders.

Powell also said that although the job market is cooling, the Fed does not think further cooling is needed to lower inflation. He stressed that labor market conditions are robust, albeit less tight than in 2019, and that unemployment has risen but remains low.

#FranklinCryptoETF #BTC #ETH #FullMarketBullRun #Fed25bpRateCut $BTC $ETH