In the past 24 hours, the global crypto market cap has declined by 1.28% as the first two cryptocurrencies Bitcoin and Ethereum have lost 0.75% and 2.67% respectively.
However, in order to further understand the movements of the crypto market, today’s Federal Reserve Chairman, Jerome Powell will play an important role.
Jerome Powell is set to deliver his Jackson Hole speech, which will play a key role in drafting the central bank’s economic agenda for the year 2022. Jackson Hole is the one that will host the annual Federal Reserve meeting, where Powell’s speech will go live. 10:00 AM ET or 7:30 IST.
In the month of June, the Federal Reserve had hiked interest rates by 75 bps, causing a massive drop in the global crypto market.
take market participants
The speech will be important as the central bank is the one who controls the inflation rate and the meeting is scheduled to set the agenda of the bank.
On the other hand, crypto analyst Michael van de Pope also believes that Powell’s speech will have a significant impact on bitcoin. Whereas, the Chief Market Strategist of Blue Line Futures, Phil Strible is of the view that the speech will drag the stock markets down and the speech will decide the movements of the entire market.
Therefore, if Powell agrees with the other members and takes a firm stance against inflation, the market will react negatively. However, some believe that the speech will give traders and investors clarity about market sentiment, as it will reveal bitcoin’s moment.
It has been a while since bitcoin price action has been stuck between the $21k and $22k range, so the meeting could either push the currency up or pull down,