Bitcoin was one of the cryptocurrencies that reacted to Federal Reserve Chairman Jerome Powell’s remarks during a panel discussion on Tuesday. Powell reiterated the central bank’s commitment to maintaining a restrained monetary policy, despite encouraging economic indicators. His remarks, which highlighted the importance of persisting with current interest rates due to limited progress in reaching the Fed’s inflation target, sparked reactions across various financial markets, including Bitcoin.
Bitcoin’s Price Response to Powell’s Statements
Bitcoin, the leading cryptocurrency by market capitalization, saw a nearly 8% decline in its price in the weekly chart, settling at approximately $63,941. This dip coincided with Powell’s statements regarding the future trajectory of interest rates.
Historically, Bitcoin has exhibited sensitivity to interest rate movements, with investors often interpreting higher rates as an indication of a less favorable investment envir
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