Fed Chair Jerome Powell Makes Crucial Statement for Crypto Market: Details

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Powell's comments marked shift in his earlier stance

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions.

Since July 2023, the Fed has maintained its benchmark interest rate target range of 5.25%-5.5%, the highest level in 23 years. That was the outcome of 11 consecutive rate hikes starting in March 2022.saw seesaw price action, oscillating between $61,906 and $64,524 in Wednesday's trading session before settling to trade around $62,000. Bitcoin was down 1.13% at press time, trading at $61,440.

The S&P 500 likewise fluctuated following Powell's speech, briefly falling into the negative before recovering.

 

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