Today is an important day for crypto and the broader market. It remains to be seen what happens next for the crypto market after the positive inflation data subsides. So the next Bitcoin (BTC) and altcoin rally or drop will be decided today. Here are the details…
How will the Fed President’s speeches affect Bitcoin (BTC)?
Jackson Hole hosts the annual Fed meeting. Many economists attend this annual event. An important meeting that sets the Central Bank’s economic agenda for the year. US Federal Reserve (FED) Chairman Jerome Powell will make his annual Jackson Hole speech today at 17:00 Turkish time. MoM personal consumption expenditures, another important inflation data, will also be announced today. The Fed’s Jackson Hole will serve as a major event for the crypto market.
The central bank is responsible for controlling inflation in the economy. cryptocoin.com As we have also reported, extremely high inflation data came in in June. Following the data, the Fed increased the interest rate by 75 basis points more than usual. The overall and crypto markets fell as a result of the move. We had a rally with the latest CPI data showing that inflation has cooled. On the other hand. However, recent comments by some key Fed officials have worried the market. Neel Kashkari, chairman and CEO of the Minneapolis Fed, laid out the prospect of a Volcker-esque stance. Paul Volcker was the chairman of the Fed, which plunged the US economy into recession in an effort to control inflation.
The revelations are even more alarming, as Kashkari is seen as one of the most dovish Fed officials. More hawkish members, like Louis President James Bullard, hold their firm stance. If Jerome Powell agrees with the other members, the market could drop sharply and significantly. However, expect bullish action if Powell takes a more dovish stance. You can follow Jerome Powell’s speech on the Kansas City Fed’s YouTube channel. The Jackson Hole conference hosted by the Kansas City Fed continues now.
How will altcoins act?
We know that the statements of the FED Chairman have seriously affected risky asset classes. In the event of a fear-inducing announcement, investors initially dispose of risky assets and rush to hedge assets. That’s why Bitcoin is falling. The decline of BTC also affects altcoins. In general, altcoins go parallel to BTC’s price movements, unless there is an extreme difference.
However, if an environment in which investors are more comfortable is signaled, BTC and other altcoins such as SHIB, ETH may gain momentum. However, we should not forget the possibility that the speech of the FED Chairman will have no effect.
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