{"id":13773,"date":"2022-08-27T15:45:48","date_gmt":"2022-08-27T15:45:48","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-reacts-sharply-to-fed-chair-jerome-powells-speech\/"},"modified":"2022-08-27T15:45:48","modified_gmt":"2022-08-27T15:45:48","slug":"bitcoin-reacts-sharply-to-fed-chair-jerome-powells-speech","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-reacts-sharply-to-fed-chair-jerome-powells-speech\/","title":{"rendered":"Bitcoin reacts sharply to Fed Chair Jerome Powell&#8217;s speech"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<ul>\n<li><em><strong>Bitcoin price fell sharply on Friday to break below $21,000 following remarks by Jerome Powell.<\/strong><\/em><\/li>\n<li><em><strong>The downside followed a similar reaction on Wall Street, with S&amp;P 500 falling 2%.<\/strong><\/em><\/li>\n<li><strong><em>Powell said in his Jackson Hole speech that the Fed would remain aggressive till the \u201cjob is done.\u201d<\/em><\/strong><\/li>\n<\/ul>\n<p dir=\"ltr\">Bitcoin (BTC\/USD) retreated below $21,000 on Friday afternoon, touching lows of around $20,700 at the time of writing.<\/p>\n<p dir=\"ltr\">The declines, which follow US Federal Reserve Chair Jerome Powell\u2019s Jackson Hole speech, could see the cryptocurrency\u2019s price retest support levels at $20,000 or lower.<\/p>\n<h2>Fed to keep raising rates<\/h2>\n<p dir=\"ltr\">The Jackson Hole symposium, which brings together central bankers, economists and other key policymakers, is an annual event that has often come with increased market volatility around highly anticipated commentary.<\/p>\n<p dir=\"ltr\">So, after Powell <a href=\"https:\/\/www.federalreserve.gov\/newsevents\/speech\/powell20220826a.htm\" rel=\"noopener noreferrer\" target=\"_blank\">maintained<\/a> a hawkish stance, reiterating that the central bank will raise interest rates \u201cuntil the job is done\u201d on inflation, both stocks and cryptocurrencies \u2013 risky assets \u2013 have dipped sharply.<\/p>\n<p dir=\"ltr\">The S&amp;P 500 is down 2%, the Nasdaq has shed nearly 2.6% and the Dow Jones Industrial Average has declined more than 500 points, or -1.6%.<\/p>\n<p dir=\"ltr\">Bitcoin price is down nearly 4% and looks vulnerable to new losses to the main support level at $20K, which analysts see as very important to bulls\u2019s short term plans.<\/p>\n<\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-price-drops-below-21k-as-markets-react-to-powells-inflation-remarks\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Bitcoin price fell sharply on Friday to break below $21,000 following remarks by Jerome Powell. The downside followed a similar reaction on Wall Street, with S&amp;P 500 falling 2%. Powell said in his Jackson Hole speech that the Fed would remain aggressive till [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":13774,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13773"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=13773"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13773\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/13774"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=13773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=13773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=13773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}