The cryptocurrency market is anticipating that bitcoin will reach new lows.Ahead of the upcoming meeting of the Federal Reserve. This article was originally published on Coinpedia – Fintech & Cryptocurrency News Media| Crypto Guide.
The total value of all cryptocurrencies on the exchange has decreased by 1.28% in the past twenty-four hours, as the value of the two most prominent cryptocurrencies, Bitcoin and Ethereum, has decreased by 0.75% and 2.67% respectively.
However, in order to gain a deeper understanding of the movement of the cryptocurrency market, today’s head of the Federal Reserve, Jerome Powell, will play a significant role.
The speech that Jerome Powell is planning to deliver at Jackson Hole will be a significant factor in the formulation of the Federal Reserve Board of Governors’ economic agenda for the year 2022. The annual meeting of the Federal Reserve will be held at Jackson Hole, and Jerome Powell will give a live lecture at either 10:00 AM Eastern Time (ET) or 7:30 PM Indian Standard Time (IST).
The worldwide cryptocurrency market experienced a sharp decline as a direct result of the increase in borrowing costs that was implemented by the Federal Reserve in the month of June.
Participants on the Market Take
This meeting is going to be significant since the central bank is the entity that has power over the consumer price index, and the discussion is going to be used to establish the objective for the bank.
On the other hand, cryptocurrency analyst Michael van de Poppe agrees with the sentiment that Powell’s speech will have a significant influence on Bitcoin. On the other hand, Phil Streible, chief economist at Blue Line Future, believes that the speech will cause a decline in stock exchanges and that the speech will determine the overall movement of the market.
Therefore, the market will have a negative reaction if Powell agrees with the other representatives and takes a policy that is strongly opposed hyperinflation. A small number of people, on the other hand, are of the opinion that the speech will provide traders and investors with clarity regard to market perceptions, given that this will determine Bitcoin’s moment.