Fed Chair Jerome Powell's Hawkish Comments Throw Some Cold Water on Crypto
Summary
Crypto markets dipped slightly after Federal Reserve Chairman Jerome Powell stated there is no urgency to lower interest rates, citing economic strength. Bitcoin fell 1.5% to $88,300 following his comments and further to $88,000, down 3.2% over 24 hours. Ether experienced a similar decline. The CoinDesk 20 Index rose 0.5%, driven by a 13% increase in Ripple (XRP), potentially influenced by SEC Chair Gary Gensler's remarks. The probability of a Fed rate cut in December dropped to 62% from 83%. Traditional markets also pulled back, with the Nasdaq down 0.75%. Despite this, crypto markets remain significantly higher, with Bitcoin up 15% week-over-week.
