Fed Chairman Powell Says We Have No Rush, Bitcoin Price Drops - Coin Bulletin

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The price of Bitcoin (BTC) moved downwards after the comments of Jerome Powell, the President of the Federal Reserve (Fed), about interest rate policy.

Fed Chairman Powell said that the central bank will lower interest rates “over time” and reiterated the view that the U.S. economy stands on solid ground.

Powell, by indicating that inflation will continue to progress towards the Fed's 2 percent target, said that current economic conditions have created the environment needed for mitigating price pressures.

The Fed Chairman added that their decision to cut interest rates in September is not expected to be repeated in the next two meetings. Powell said, 'This is not a committee that is in a hurry to lower interest rates quickly. Ultimately, the incoming data will guide us. If the economy slows down more than we expected, then we can lower rates faster. If it slows down less than expected, we can lower rates more slowly.'

The price of Bitcoin has shown a slight decrease

Low borrowing rates are generally seen as a positive sign for risky assets such as stocks and cryptocurrencies. In this context, following the interest rate cut in September, the price of Bitcoin increased by more than 7 percent.

According to CoinGecko data, Bitcoin experienced a small-scale decline of 1.2% and fell to $63,842 after Powell's latest statements.

BTC0.29%
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