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BTC drops to near $20,700 after Fed Chair Powell’s speech

August 26, 2022
in Altcoins
Reading Time: 3 mins read
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Bitcoin fell almost 5% to $ 20,822 after Federal Reserve Chairman Jerome Powell spoke at Jackson Hole on Aug. 26, saying that restoring inflation back to ideal levels will take time.

Powell briefly spoke at the event and talked about the importance of price stability. He noted that price stability is the “bedrock of the economy” and that the economy won’t benefit anyone without it. He stressed that price stability must be regained and preserved, but until the economy reaches that level, “there will be some pain to households and businesses.”

Powell said:

“restoring price stability will take some time and means using [FED] tools forcibly.”

Bitcoin price

Bitcoin price fell by 2% during Powell’s speech, falling from $21,830 to $21,548. The fall continued for three more hours after the speech, falling by 5% to reach as low as $20,743.

BTCUSD Chart (via tradingview.com)

Bitcoin price experienced a small bull run in recent weeks, reaching the level of $24,000. However, as the market closes for the weekend, the price of Bitcoin is following a downward trajectory.

Journalist at CryptoSlate

Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.

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Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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