FED Chairman Powell's Speech Created a "Pump and Dump" in Bitcoin (BTC)!
What is the latest situation in Bitcoin (BTC) price?
Recently, US Federal Reserve (FED) Chairman Jerome Powell gave a speech at the 2024 Central Bank ECB Forum. Touching on many issues in this speech, Powell did not make a statement that was very different from previous meetings.
Jerome Powell's words nevertheless influenced the price movements of the leading cryptocurrency Bitcoin (BTC). It was observed that the volatility in BTC increased due to Powell.
With the start of FED Chairman Powell's speech, Bitcoin made a sudden jump from $ 62,700 to $ 63,150.
As the minutes passed, it was observed that the situation was reversed.
FED Chairman Powell said “we need to see more data similar to what we have seen recently” regarding lowering interest rates. This statement increased sales in BTC again.
With these sales, Bitcoin, which made a rapid retreat of more than 1% from $ 63,160 to $ 62,500, seems to have experienced a "pump and dump" situation due to Powell's speeches.
FED Chairman Powell's speech is expected to continue for a while. Powell's statements may continue to affect the price movements of Bitcoin (BTC) and altcoins.
