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Fed’s Jerome Powell Drops Insight; Here’s How Crypto Market Reacted
In a shocking move, Federal Reserve President Jerome Powell slammed Bitcoin (BTC) in a recent interview, stating that it has no inherent value and is “not a store of value.” This unexpected comment sent shockwaves through the cryptocurrency market, with several altcoins plummeting in value.
XRP, which had reached a high of $2.98 just days ago, fell 8.11% to $2.33, wiping out nearly 20% of its gains from earlier in the week. Cardano’s ADA also suffered significant losses, dropping over 8% in the same period. Solana’s SOL managed to hold its ground somewhat, but still saw a 4% decline to $138.
Many other altcoins did not fare as well, with SUI, HBAR, Raydium, and Jito all losing between 9-12% of their value. In fact, nearly every top 100 asset aside from a handful of exceptions is currently in the red.
Bitcoin, on the other hand, demonstrated remarkable resilience in the face of Powell’s criticism, falling only 3.38% to $85,950 over the same period. While this may be seen as an endorsement of Bitcoin’s strength and value, it remains to be seen how the market will react to such harsh words from a highly influential figure.
In response to this sudden downturn, investors are scrambling for answers and clarity on the future outlook for cryptocurrency investments.
Source: https://u.today/feds-jerome-powell-drops-insight-heres-how-crypto-market-reacted
