Bitcoin Falls Further After Jerome Powell Speech

Bitcoin plummeted again in late August.The world’s number one digital currency by market cap drops to just over $20,000 after the speech by Jerome Powell The Fed where he spoke about the state of the economy.

Bitcoin continues to experience bearish trends

Powell has hinted that further interest rate hikes are likely. Bitcoin At this point it can only be thought of as a highly incompetent government and has proven to be unpredictable, but not all Bitcoin analysts cite Darkness and Doom, instead I believe that time will come. Now is the time to buy BTC and potentially get rich.

Among those who say now is the time to buy is Jean-Baptiste Graftieaux, CEO of Bit Stamp. He said in his recent interview:

Many institutional investors are trying to make their first move into cryptocurrencies. There’s a big crypto interest from our institutional investors…in general, it’s too early to say when or how long the crypto winter will last, but I personally The feeling is that the climate is still very uncertain, but the last few months. The next few quarters will likely see more positive indicators of positive evolution in the market rather than bullish moves.

Charles Edwards, founder of quantitative crypto fund Capriole Investments, also noted that Bitcoin’s hashrate has risen significantly, and was quick to say that Bitcoin miners were once again in the fray. He said:

Historically, these have been great opportunities to allocate to Bitcoin, which offers incredible returns.

Regarding Jerome Powell’s speech, Joe DiPasquale, chief executive of hedge fund Bit Bull Capital, said in a note:

Federal Reserve Chairman Jerome Powell’s speech was perhaps a bit hawkish in that he said “restrictive policies” would be needed for some time. [he] He opposed “premature easing policies”. However, given this, we remain cautious on the move up and will continue to monitor the market reaction at key levels and maintain our stance that from $20,000 he will begin to build in the $18,000 range.

what is it going to take?

Many are wondering what it takes for Bitcoin to calm down and get back on its feet. The digital currency has undergone one of the biggest volatility periods in recent days considering the asset was trading at an all-time high of around $68,000 per unit last November.

However, from there the currency experienced a rapid series of losses, eventually abandoning about 70% of its overall valuation and the asset is currently struggling to maintain a position in the low $20,000 range. increase. It is a sad and ugly sight to see.

tag: Bitcoin, Federal Reserve Bank, Jerome Powell Bitcoin Falls Further After Jerome Powell Speech

Back to top button