Following the statement by US Federal Reserve Chairman Jerome Powell at the annual central banking summit in Jackson Hole, Wyoming on Friday, August 26, bitcoin and Ethereum The stock markets also fell.
Jerome Powell’s Speech Dropped Bitcoin
The Chairman of the Fed stated that the US central bank will have to maintain its tough stance for a while, declining investors’ expectations that a change will occur soon.
Bitcoin’s traditional rival, gold, has also fallen. Gold, S&P 500, Bitcoin, Ethereum and other digital currencies responded to the conversation with a sharp decline.
At the time of this writing, the world’s largest cryptocurrency Bitcoin is trading at the $20,000 limit, with a 5% drop in the last 24 hours.
The lowest level seen during the day was $ 19920.
On the Ethereum side, the price, which was at $ 1,686 before the decline, has lost about 10% in the last 24 hours and is trading at $ 1,500 at the time of this writing. However, ETH price also saw below $1,500, albeit for a short time.
Ethereum’s Recent Price Action
Ethereum has plummeted in price over the past week, even before the Fed Reserve Chair’s speech.
Especially due to the ETH Merge update, which is expected to take place between the 10th and 15th of September, Ethereum price seems to continue its turbulent price movements in September.
What is the Latest Situation in Altcoins?
On the altcoin side, we generally see losses between 5% and 10%.
The altcoin that dropped the most in the last 24 hours with 14% Synthetix it happened. The SNX token has recently announced that it will limit the total supply to 300 million.
While the cryptocurrency market was falling, there were also coins that were in the green zone. Huobi’s giant stock market Huobi Token price rose 5.38% in the last 24 hours.
In addition, although it is not among the top 100 cryptocurrencies, it is controversial and still followed by many people. Terra Classic The (LUNC) altcoin also diverged from the market with its 7% rise in the last 24 hours.
*Not investment advice.
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