Bitcoin Loses More After Jerome Powell’s Speech

Bitcoin experienced another major drop in late August. The world’s number one cryptocurrency by market capitalization dropped to just over $20,000 after his speech by Jerome Powell The Federal Reserve in which he talked about the state of the economy.

Bitcoin continues to experience bearish trends

Powell hinted that there will likely be more price increases in order, which means that Bitcoin will suffer more at the hands of what, at this point, could be considered a very inept government that has proven unable to move forward, but not all Bitcoin . Analysts cite gloom and doom, instead believing that the time to buy BTC and possibly get rich is now.

Among those who say now is a good time to buy is Jean-Baptiste Graftio, CEO of Bit Stamp. He said in a recent interview:

Many institutional companies are looking to take the first step in crypto. There is a lot of interest in cryptocurrencies from our institutional clients… Overall, about how long the crypto winter will last, it is too early to say when and how, but what I personally feel is that we are in a much more positive direction now compared to the past couple of months, although The climate is still very uncertain. In the coming quarters, we are likely to see more positive indicators, perhaps not pointing to an upward trend, but to some positive development in the markets.

Charles Edwards, founder of quantitative crypto fund Capriole Investments, was also quick to say that bitcoin miners are entering the fray once again, citing a significant rise in the bitcoin hash rate. He said:

Historically, these have been great times to allocate bitcoin with incredible returns.

Speaking of Jerome Powell’s speech, Joe DiPasquale – CEO of hedge fund Bit Bull Capital – stated in a note:

Federal Reserve Chairman Jerome Powell’s speech…maybe a bit hawkish because he stated that “restrictive policy” would be required for some time, and [he] He spoke out against the “premature mitigation policy”. However, given this, we remain wary of any bullish move and maintain our stance of watching the market reaction at key levels and look to build around the $20,000-18,000 range to start.

What will you take?

Many are wondering what it will take for Bitcoin to calm down and extricate itself. The cryptocurrency has been experiencing one of the greatest periods of volatility in recent days considering that the asset was trading at a new all-time high of around $68,000 per unit last November.

However, from there, the coin experienced a rapid series of losses that eventually saw it shed nearly 70 percent of its overall valuation, and the asset is now struggling to maintain a position in the lower $20,000 range. It is a sad and ugly sight to see.

Tags: Bitcoin, Fed, Jerome Powell

#Bitcoin #Loses #Jerome #Powells #Speech

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