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BTC drops to near $20,700 after Fed Chair Powell’s speech

BTC drops to near $20,700 after Fed Chair Powell’s speech BTC drops to near $20,700 after Fed Chair Powell’s speech Zeynep Geylan · 7 hours earlier · 1 minutes read

Bitcoin rate fell practically 5% after Federal Reserve’s chairman Jerome Powell stated it will take a while prior to the inflation is supported.

1 minutes read

Updated: August 26, 2022 at 5: 08 pm

BTC drops to near $20,700 after Fed Chair Powell’s speech

Cover art/illustration through CryptoSlate

Bitcoin fell nearly 5% to $ 20,822 after Federal Reserve Chairman Jerome Powell spoke at Jackson Hole on Aug. 26, stating that bring back inflation back to perfect levels will take some time.

Powell briefly spoke at the occasion and spoke about the value of cost stability. He kept in mind that rate stability is the “bedrock of the economy” which the economy will not benefit anybody without it. He worried that rate stability should be restored and protected, however up until the economy reaches that level, “there will be some discomfort to families and services.”

Powell stated:

” bring back rate stability will spend some time and suggests utilizing [FED] tools by force.”

Bitcoin rate

Bitcoin cost fell by 2% throughout Powell’s speech, falling from $21,830 to $21,548 The fall continued for 3 more hours after the speech, falling by 5% to reach as low as $20,743

BTCUSD Chart (through tradingview.com)

Bitcoin rate experienced a little bull run in current weeks, reaching the level of $24,000 As the market closes for the weekend, the rate of Bitcoin is following a down trajectory.

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