Price: $0.40099 3.1292%
Market Cap: 58.9B 1.8104%
Volume (24h): 10.68B 0.4%
Dominance: 1.8104%
Price: $0.40099 3.1292%
Market Cap: 58.9B 1.8104%
Volume (24h): 10.68B 0.4%
Dominance: 1.8104% 1.8104%
  • Price: $0.40099 3.1292%
  • Market Cap: 58.9B 1.8104%
  • Volume (24h): 10.68B 0.4%
  • Dominance: 1.8104% 1.8104%
  • Price: $0.40099 3.1292%
Home > Information news > Jerome Powell's Market Update Spurs Crypto Response: Details

Jerome Powell's Market Update Spurs Crypto Response: Details

Release: 2024/07/10 00:03 Reading: 864

Original author:U_Today

Original source:https://coinmarketcap.com/community/articles/668d5d40da723622604ccbb2

Jerome Powell's Market Update Spurs Crypto Response: Details

Federal Reserve Chair Powell's Remarks and Market Impact

Federal Reserve Chair Jerome Powell's recent remarks have significant implications for the markets.

In a speech on Capitol Hill, Powell acknowledged easing inflation, while emphasizing the Fed's commitment to achieving their 2% target. He also expressed concerns about holding interest rates too high for an extended period, citing potential economic growth implications.

Markets anticipate a decrease in rates by September, followed by another quarter-point reduction by year-end. FOMC members had previously indicated only one cut in their June meeting.

Powell will testify before the Senate Banking Committee and the House Financial Services Committee this week. Additional insights into the Fed's economic and monetary policy are expected from other Fed officials' speeches.

Crypto Market Response

Powell's neutral tone left open all options. His remarks, highlighting positive data and progress in inflation reduction, buoyed the markets.

Cryptocurrencies surged as investors interpreted Powell's comments as balanced, reinforcing expectations of an interest rate decrease this year.

Bitcoin and other top 100 cryptocurrencies experienced gains. BTC rose 2% to $57,200, while others gained between 2% and 13%. Tron (TRX), PEPE, and BONK notably increased by over 6%.

Fluctuations in expectations for U.S. interest rate cuts had diminished demand for riskier assets. However, Powell's remarks have renewed investor confidence and boosted the crypto market.

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