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Bitcoin and Ethereum have taken a downturn after Federal Reserve Chairman Jerome Powell delivered a speech stating that the US economy is growing at a healthy 2.5% pace, but inflation forecasts are higher than expected. During his address, Powell emphasized the importance of addressing rising inflation levels to ensure sustained economic growth.
The speech had an immediate impact on the cryptocurrency market, with Bitcoin dropping below $100,000 and losing over 5% in value within a 24-hour period. The largest altcoin, Ethereum, also experienced a decline, falling by more than 10%.
Source: www.cryptonewsz.com
