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Bitcoin and Ethereum have experienced a significant dip in their prices following Federal Reserve Chairman Jerome Powell’s recent speech. Yesterday, the Federal Reserve announced a 25-basis-point cut to the federal funds rate, lowering it to a range of 4.25%–4.5%. In his speech after the rate decision, Powell expressed that the US economy is growing at a healthy 2.5% pace and unemployment is low. However, he emphasized that the inflation forecast is higher than expected and uncertainty remains.
Powell also addressed questions regarding Bitcoin reserves, stating that the Fed is not currently considering it and is prohibited from owning it. This prompted a sharp decline in the value of both Bitcoin and Ethereum.
Source: www.cryptonewsz.com
