Ethereum Price Plummets 9% As Fed Chair Passes Hawkish Remarks
The crypto community has witnessed another price plunge after the just concluded Federal Reserve annual meeting. Many investors already anticipated a new turn in asset prices after Jerome Powell spoke on the approach to combat inflation. But from the turn of events, Powell tipped the scale against investors’ expectations. As a result, many cryptocurrencies and equities have already started a downward price trend. Ethereum (ETH) and many other cryptocurrencies have lost some August 25 price gains. After the meeting, ETH’s price tanked 9% and stood at $1555. But the bears....
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U.S. equities rallied following the FOMC’s 75 bps hike in interest rates, only to crash as Fed Chair Powell hinted at higher-than-expected terminal rates.
Risk assets take a major blow as Fed Chair Jerome Powell stays firmly hawkish on inflation and monetary policy. Bitcoin (BTC) and altcoins lost big on Aug. 26 after the United States Federal Reserve delivered hawkish remarks on economic policy.Across the board, risk assets took a major hit — U.S. equities shed around $1.25 trillion in a single session.Analyst: Powell retiring "soft landing" rhetoricAs comments by Fed Chair, Jerome Powell, suggested that larger rate hikes were still firmly on the table despite recent data hinting that inflation was already slowing, investors rushed to cut....
Bitcoin shed over 15% in the last 24 hours to around $21k and the whole crypto market sank below $1 trillion on Monday. Whether this gloomy start of the week will be followed by even more downside or some relief, could depend on next week’s meeting of the US Federal Reserve (FED). Related Reading | Crypto Markets Lose $100 Billion As Bitcoin Drops Below $26K – More Pain Ahead? Dovish Or Hawkish? The US is seeing the largest year-on-year increase of the Consumer Price Index since December 1981. Inflation has not been “flattening out” as Fed Chair Jerome Powell expected in....
Americans are not only worried about future inflation, but they are also dealing with dwindling purchasing power in real-time. Meanwhile, on Thursday, Federal Reserve chairman Jerome Powell plans to address the Senate Banking Committee and discuss inflation. In the remarks pre-published from Powell’s speech, the Fed chair noted that the recent inflation spike may last longer than the central bank anticipated. Fed Chair Jerome Powell: ‘Inflation Effects Have Been Larger and Longer-Lasting Than Anticipated’ If you were to read reports published by news outlets like CNN....