US Fed’s Jerome Powell Says Rate Hikes To Continue, Crypto Prices Down – Crypto News – Crypto News
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US Fed’s Jerome Powell Says Rate Hikes To Continue, Crypto Prices Down – Crypto News

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Jerome Powell Press ConferenceFed chair Jerome Powell said in his opening remarks at the FOMC press conference that the committee is committed to the 2% inflation target. Powell said price stability is the bedrock of the economy. Ongoing increases would be appropriate to return the inflation rate to 2%, he said. In reaction to Powell’s comments, the crypto market turned red with around 1% drop in Bitcoin and Ethereum prices.

Also Read: Bitcoin (BTC) Reaction To Powell Speech, US Rate Hike Hardly Lasts Long; Here’s Why

The US Federal Reserve announced a 25 bps interest rate hike in February, a decision that could be seen as a slowdown in its effort to curtail inflation. However, the central bank said further rate increases are in store in the coming months, keeping traders guessing about when a Fed pivot would arrive.

The US Dollar Index (DXY) recovered slightly from its earlier losses following the rate hike decision on the expected lines. Meanwhile, the crypto market reacted positively to the interest rate hike decision. As of writing, BTC price stands at $22,882, down around 1% in the last 24 hours. The US Dollar Index is currently at 101.85, down by 0.24%.

Also Read: Cathie Wood Revises Her Bitcoin (BTC) Price Prediction For 2030

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

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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