Bitcoin and Other Virtual Currencies fell after Jerome Powell’s statements. The fall of cryptocurrencies after Powell’s statements revealed the effect of the FED’s decision.
Bitcoin slumped 3.5% daily to $40,400 after Fed Chairman Powell said it was “appropriate to act faster”. Ethereum also saw below $ 3000
After the statements of Fed Chairman Jerome Powell, there was a decrease in cryptocurrencies. Speaking at the panel held on the global economy as part of the IMF Spring Meetings, Powell said that a 50 basis point rate hike is “on the table” at the Fed’s meeting to be held on May 3-4.
Pointing out that inflation is already very high and monetary policy is still supportive compared to the past, Powell noted that it is appropriate to act a little faster.
While Bitcoin was pushing $43,000 yesterday, it turned down with Powell’s statement that it was appropriate to move faster. As of this afternoon, it lost 3.5 percent daily to $ 40,400.
Solana Cryptocurrency -5
Similarly, Ethereum, which declined by 3.2 percent, saw below the critical level of $ 3,000. Binance Coin and Ripple tumbled 3.1 percent, Solana 5%, and Cardano 3.7 percent.
93 of the cryptocurrencies in the top 100 in terms of market value have lost value in the last 24 hours.
Solana is a public, open source and decentralized blockchain platform. It is provided by the combination of proof of share and proof of past. The internal cryptocurrency is SOL. Bloomberg sees Solana as “a potential long-term competitor for Ethereum.”
Dollar bosses gear up: Critical statement from Fed Chairman Powell
US Federal Reserve (Fed) Chairman Jerome Powell pointed to a rapid tightening in monetary policy, saying that a 50 basis point rate hike may be required at the beginning of May.
Pointing out that the monetary policy will be tightened with more aggressive steps from now on, Fed Chairman Jerome Powell said that the central bank will consider a 50 basis point rate hike at its policy meeting on May 3-4.
Attending the International Monetary Fund (IMF) meeting, Powell said during a speech on the global economy that it would be appropriate to act faster, given that inflation in the US is about three times higher than the Fed’s 2 percent target.
Powell: 50 basis point rate hike will be on the table in May
European Central Bank (ECB) President Christine Lagarde also said that growth risks are on the downside at the same panel she attended.
Stating that Europe’s economic recovery has stalled to some extent, Lagarde noted that the Eurozone and US economies grew at different rates.
Lagarde pointed out that inflation is very high in the Euro Zone and stated that inflation should be intervened gradually.
Stating that the June meeting of the ECB is key for the course of interest rates, Lagarde said that data should be waited to decide what to do.
“For us, it’s not a question of tightening, it’s a question of normalizing monetary policy,” Lagarde said. made its assessment.
Stating that investors are currently expecting a series of half-point rate hikes, Powell announced that a 50 basis-point rate hike will be “on the table” at the Fed’s meeting on May 3-4.
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.