Crypto Market Turns Bullish After US Fed Chair Jerome Powell’s Speech At DC – Crypto News – Crypto News
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Crypto Market Turns Bullish After US Fed Chair Jerome Powell's Speech At DC Crypto Market Turns Bullish After US Fed Chair Jerome Powell's Speech At DC

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Crypto Market Turns Bullish After US Fed Chair Jerome Powell’s Speech At DC – Crypto News

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3 years ago

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The crypto market witnessed a significant uptick on Tuesday after Federal Reserve Chair Jerome Powell answered macro-economic questions pertaining to the United States at the Economic Club of Washington.

As a result of the announcement made by Powell, the cryptocurrency with the largest market capitalizationBitcoin (BTC), climbed to $23,311 from $22,960, while the altcoin supremo — Ethereum’s (ETH) price went from $1,616 to hit $1,661.

Within minutes after the announcement, the prices of flagship cryptocurrencies such as XRP, Solana, Dogecoin and chain link experienced a decent increase in price. However, out of the top 150 coins by market value — Shiba Inu (SHIB), Fantom (FTM), Optimism (OPT), Terra (LUNA) and Quant (QNT) were the most hit, with some falling by over 3% in the past hour.

While speaking about the current state of affairs in the country, Powell stated that the US economy is clearly slowing from the historically high growth rates of 2021, which reflected the reopening of the economy following the pandemic recession. While the latest economic data has been mixed and mostly positive, Powell considers the economy to show strong underlying momentum. According to the Fed Chair, the labor market is particularly strong, with 517,000 new jobs getting added for the month of January.

This is a developing story and is being updated frequently.

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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