Bitcoin exhibited minimal response to Federal Reserve Chair Jerome Powell’s remarks

Bitcoin exhibited minimal response to Federal Reserve Chair Jerome Powell’s remarks on interest rates during the US-Canada economic policy forum held yesterday.

Powell stated, “Recent data have clearly not given us greater confidence,” suggesting that it might take longer than anticipated to regain that confidence. He cautioned against betting on near-term interest rate cuts, asserting the Fed’s readiness to maintain its stance “for as long as needed” to stabilize the economy.

In reaction, Bitcoin initially recorded a modest 0.5% gain against the US dollar, before retracing the same amount this morning. As of the latest update, the BTC/USD pair was trading at $63,495, marking an approximate 8% decline from the previous week.


Attention is now directed towards the highly anticipated Halving event scheduled for this Friday, which will halve the cryptocurrency’s distribution rate. While an immediate post-Halving rally is not widely anticipated, the long-term prospects of Bitcoin are expected to benefit from the disinflationary process, given its current 50% year-to-date increase in value.

Ethereum (ETH) demonstrated limited movement yesterday and remained subdued at $3,083 this morning, reflecting a 12% decline compared to the previous week.

In the broader altcoin market, Solana (SOL), Ripple (XRP), and Dogecoin (DOGE) experienced declines ranging between 15-20%, while Binance’s BNB token exhibited relatively better performance with a 7% decrease.

The global cryptocurrency market capitalization presently stands at $2.31 trillion, with Bitcoin dominance at 54.1%.

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