US Fed's Jerome Powell Speech Live: Bitcoin Price Reaction

Meanwhile, the Bitcoin price showed slightly negative reaction to the central bank’s stance although it is possible that the dip is precursor to a market rally.

advertisement

Also Read: What In Fed Chair Jerome Powell Speech Could Spur Bitcoin Price Rally?

Powell said inflation had ‘somewhat’ moderated but admitted that high inflation pressures means getting inflation back to the 2% target has a long way to go. At the end of 2023, the US Federal Reserve officials see inflation at 3.2% and 2.5% by the end of 2024, compared to the central bank’s target of keeping the inflation rate down at 2%. Whereas the officials see core inflation at the end of 2023 and 2.6% at the end of 2024.

“Additional Rate Hikes Possible”

The Fed officials warned that the central bank may not yet be done with raising interest rates, despite cooling inflation and the current pauses. This would add to the uncertainty in the market until the end of 2023, potentially benefiting Bitcoin, as investors might prefer risky assets in the Crypto Market. Interestingly, a majority of Fed officials forecast interest rate cuts in 2024.

Recommended Articles
ethereum price crypto news
Crypto Presale Projects For 2023 To Invest; Updated List
Must Read
crypto exchange affiliate programs
Best Crypto Exchange Affiliate Programs In 2023
Must Read
ethereum price crypto news
Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated]
Must Read
ethereum price crypto news
Crypto Telegram Channels List 2023 [Updated]
Must Read
ethereum price crypto news
Top 10 Web3 Games To Explore In 2023; Here List
Must Read

Also Read: Twitter Founder Jack Dorsey Makes New Pledge to Support Bitcoin Developers

Mooky Presale
Mooky Coin Presale
$MOOKY is a meme token which helps planting trees by donating to charity.
Visit Here
AD

Comments

Post a Comment

Popular posts from this blog

Dogecoin (DOGE) Valued at $25,000,000 Leaves Robinhood Crypto in the Wake of the SEC’s Wells Notice

Tens of millions of dollars worth of the meme asset Dogecoin (DOGE) has left Robinhood Crypto after the firm received a Wells Notice from the U.S. Securities and Exchange Commission (SEC). New data from blockchain-tracking platform Bitcoinsensus reveals that 164 million DOGE worth $25 million was transferred out of Robinhood after the firm’s crypto branch received notice that the regulatory agency would be taking enforcement actions against it. A Well Notice is a warning given by the SEC informing an entity that legal action is going to be taken against them, though it is not an indication of any wrongdoing. Robinhood received its notice on May 6th. Earlier this week, crypto attorney Jake Chervinsky said that the SEC was abusing its power and issuing Wells Notices as a scare tactic. “If the SEC brings as many enforcement actions as it has sent Wells Notices, it will be in flagrant violation of both the law and its Congressional mandate. If not, it...
Read more

Mog Coin Price Prediction: MOG Leads Meme Coin Losers With 18% Plunge As This PEPE Upgrade Soars Towards $7 Million

Image
The Mog Coin price has slumped 18% in the last 24 hours to trade at $0.000001414 as of 7 p.m. EST on an 8% drop in trading volume to $50 million. MOG’s plunge made it the biggest loser among the largest meme coins by market capitalization, according to CoinMarketCap. Mog Coin Price Faces Resistance Despite Strong Rally The MOG price has declined from the resistance level of $0.000002363 but is steadily rising within a bullish channel as bulls work to drive the price higher. According to GeckoTerminal, the bulls appear to be regrouping and establishing a solid support zone at $0.0000008109, which aligns with the channel’s lower trendline. If this pattern continues, the price could rebound to the previous resistance level, potentially allowing the bulls to recover their profits. MOGUSDT Analysis (Source: Tradingview) The MOG price is trading below the 50 simple moving averages (SMAs), but remains relatively above the 200 SMA, which gives the bulls an upper hand...
Read more

Fwog Price Prediction: FWOG Soars 98% As This P2E Doge Derivative Presale Rockets Towards $6 Million

Image
The Fwog price has soared 98% in the last 24 hours to trade at $0.03207 as of 7:20 a.m. EST on a 15% drop in trading volume to $43 million. Fwog Price Analysis: Bulls Break Out Of The Consolidation Zone The FWOG price has recently broken out of its consolidation phase, showing a steady bullish momentum despite the ongoing struggle between bulls and bears. The bulls have driven the price higher and seem set to reach new highs shortly.  Forming an ascending triangle pattern reinforces this bullish outlook, potentially helping the bulls propel the price to new levels. FWOGUSD Analysis (Source: Dextools.io) FWOG is trading above the 50 and 200 Simple Moving Averages (SMAs), indicating positive momentum.  The Relative Strength Index (RSI) is trading upwards, rebounding from 44 below the 50 midline level. The RSI is currently above the 70 overbought level at 74. This indicates intense buying pressure, helping the bulls fly the price high. Meanwhile, the MACD indicat...
Read more