BTC drops to near $20,700 after Fed Chair Powell’s speech
Bitcoin price fell almost 5% after Federal Reserve's chairman Jerome Powell said it will take a while before the inflation is stabilized.
Powell briefly spoke at the event and talked about the importance of price stability. He noted that price stability is the “bedrock of the economy” and that the economy won’t benefit anyone without it. He stressed that price stability must be regained and preserved, but until the economy reaches that level, “there will be some pain to households and businesses.”
“restoring price stability will take some time and means using [FED] tools forcibly.”
Bitcoin price fell by 2% during Powell’s speech, falling from $21,830 to $21,548. The fall continued for three more hours after the speech, falling by 5% to reach as low as $20,743.
Bitcoin price experienced a small bull run in recent weeks, reaching the level of $24,000. However, as the market closes for the weekend, the price of Bitcoin is following a downward trajectory.
At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is down 3.46% over the past 24 hours. BTC has a market capitalization of $398.2 billion with a 24-hour trading volume of $38.66 billion. Learn more about BTC ›
At the time of press, the global cryptocurrency market is valued at at $1 trillion with a 24-hour volume of $82.12 billion. Bitcoin dominance is currently at 39.64%. Learn more ›