Federal Reserve Chairman Jerome Powell will deliver an economic speech, which may affect bitcoin prices in the coming days.
Investors want to know whether Powell will reference the strength of the U.S. dollar in his speech, as this would indicate a relatively high level of confidence in future economic growth and inflation rates—both factors that drive interest rate decisions by central banks like the Federal Reserve.
The Fed’s Thoughts on Bitcoin Revealed
Experts predict that the value of bitcoin will decrease due to comments made by Chairman Jerome Powell in February.
Investors and traders have been waiting to hear the Chairman of the Federal Reserve give his speech. The market is riding on this event, as it could shift Bitcoin’s price in either direction.
If the Federal Reserve adopts a more conservative monetary policy, the dollar will likely strengthen—and send prices for bitcoin tumbling.
However, it is essential to note that bitcoin’s price has historically been volatile and unpredictable. While Powell’s speech may have short-term implications on the market, its unlikely impact will be felt in the long run.
The market is always subject to unexpected changes, but Chairman Powell’s following speech could trigger a healthy drop in bitcoin’s value.
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