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FED Chairman's Speech Drops Bitcoin Price Below $42K! - Coin Newsletter
The price of Bitcoin (BTC) fell by 4.2% with a sharp sell-off from yesterday evening.
Bitcoin fell 4.2% in a few hours with the sharp sell-off from the $43,750 levels it saw at around 21:00** yesterday evening. While the price of Bitcoin fell to $41,883, significant pullbacks were observed in major altcoins.
Ethereum price found support at $2,240, while Cardano** (ADA) reacted at **$0.487, Solana (SOL), $93
What is the reason for the decline?
Yesterday, the US Federal Reserve announced its first interest rate decision for 2024 at 22:00 CET and decided to keep it constant between 5.25%-5.50%. With the announcement of interest rates, the dollar index (DXY) moved upwards, while Bitcoin declined slightly.
Then, it is estimated that the decline hardened due to the statements of Fed chairman Jerome Powell. In his statements, Powell showed his determination to bring inflation down to 2%, while emphasizing that it may take a little longer for interest rate cuts to come. Powell's statement that "I do not expect a discount in March" in response to the question that came after the statements led to a sharp decline in risk assets such as Bitcoin, gold, silver, cryptocurrencies**.
The statement also lowered the predictions of a potential interest rate hike in March, which the market expected. According to FedWatch data, the expectation of a rate cut, which was 65% before the speech, decreased to 34.5% after the statement.
Swissblock analysts said that the incoming decline may be limited, noting that Bitcoin is consolidating between $44K and $42K.
According to data from CoinGecko, Bitcoin is trading at $42,149 at the time of writing.