After a period of significant growth in the cryptocurrency market, prices took a slight dip following a speech by U.S. Federal Reserve Chair Jerome Powell. Powell’s comments in Dallas on Thursday left some uncertainty about the future monetary policy of the United States.
During his speech, Powell highlighted the need to carefully balance inflation and employment goals. He mentioned that the Federal Reserve is gradually moving towards a more neutral policy setting but emphasized that the path to reach this goal is not predetermined. Powell stated that future adjustments to the federal funds rate will depend on incoming data and the economic outlook.
Following Powell’s speech, the overall cryptocurrency market cap experienced a slight decline on Thursday but managed to recover on Friday afternoon, showing a more than 2% increase in the past day, as reported by CoinGecko.
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As investors navigate the volatile cryptocurrency market, it is crucial to stay informed about external factors, such as speeches by influential figures like Jerome Powell, and to carefully consider the risks involved in trading digital assets. By staying informed and conducting thorough research, investors can make more informed decisions in the ever-changing world of cryptocurrencies.
