Powell's Remarks Stall Rate Cut Hopes, Impacting Markets and Cryptos
TL;DR Summary
Leading cryptocurrencies like Bitcoin, Ethereum, and Dogecoin experienced declines after Federal Reserve Chair Jerome Powell's comments dampened expectations for rate cuts. Bitcoin fell over 2% to below $88,000, while Ethereum dropped to $3,091.21. The global cryptocurrency market cap decreased by 1.53% to $2.92 trillion. Powell's remarks led to a reduction in rate cut expectations for the upcoming FOMC meeting, impacting both crypto and stock markets. Despite the downturn, analysts suggest the Bitcoin bull market may continue, driven by high stablecoin inflows.
- Bitcoin, Ethereum, Dogecoin Take A U-Turn As Jerome Powell's Statements Dampen Rate Cut Expectations: Analytics Firm Explains Why BTC Bull Market Has Not Yet Ended Benzinga
- CNBC Daily Open: Powell’s comments drag investors down to earth from postelection high CNBC
- Powell Says Strong US Economy Means No Rush to Cut Rates Bloomberg
- Powell Says Solid Economy Allows Fed to Consider Rate Cuts ‘Carefully’ The Wall Street Journal
- Dollar set for big weekly gain as Powell sends yields up, China data mixed Reuters
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