bullish

Chair

Bitcoin

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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/powells-comments-prompt-rapid-decline-in-btc-price/" data-wpel-link="internal">Powell’s Comments Prompt Rapid Decline in BTC Price</a> 
Following statements made by Fed Chair Powell, the price of BTC swiftly fell from $89,500. Reports indicating a lawsuit against the <a href="https://en.coin-turk.com/us-inflation-data-will-crypto-prices-continue-to-rise/" data-wpel-link="internal">SEC</a> neutralized bullish sentiment in the short term. However, the medium and long-term outlook remains positive. 
<h2 style="text-align: justify" id="why-did-cryptocurrencies-decline">Why Did Cryptocurrencies Decline?</h2> 
The price of Bitcoin declined amidst signals that the Fed will not hasten interest rate cuts. Producer and consumer price index data indicate that the decline has stalled. There has not been significant devastation in the employment sector, and the Fed maintains a strong stance. This suggests the possibility of a pause in future meetings, even if not at the December meeting. Markets have priced in more rapid interest rate cuts, and contrary statements triggered the downturn. However, the likelihood of resuming increases is weak. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-406901 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/11/BTCUSDT_2024-11-14_23-33-54.png" alt="" width="1815" height="836"> 
Key takeaways from Powell’s statements include: 
<ul style="text-align: justify"> 
 <li>We do not consider the welfare of any political party when making decisions.</li> 
 <li>The Fed’s independence means that monetary policy decisions cannot be reversed or reviewed.</li> 
 <li>There is no rush for the Fed to lower interest rates.</li> 
 <li>The Fed expects rates to continue fluctuating in recent ranges and is monitoring this closely.</li> 
 <li>The economic strength allows the Fed to make decisions carefully.</li> 
 <li>The labor market is robust, with inflation on a sustainable path towards 2%.</li> 
 <li>The total personal consumption expenditures price index likely rose by 2.3% in October compared to the previous year.</li> 
 <li>The recent economic performance of the U.S. has been quite good.</li> 
 <li>The labor market has cooled to a point where it is no longer a significant source of inflationary pressure.</li> 
 <li>The Fed is closely watching the gradual decline in housing services inflation, which has not fully normalized.</li> 
 <li>Policy is progressing towards neutrality over time, not predetermined.</li> 
 <li>I expect inflation to continue moving towards the 2% target, albeit with fluctuations.</li> 
 <li>The Fed is determined to address inflation effectively.</li> 
 <li>The economy does not send signals indicating the Fed needs to rush to lower rates.</li> 
</ul> 
The post <a href="https://en.coin-turk.com/powells-comments-prompt-rapid-decline-in-btc-price/" data-wpel-link="internal">Powell’s Comments Prompt Rapid Decline in BTC Price</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Powell’s Comments Prompt Rapid Decline in BTC Price

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