Dollar

Jerome Powell

Bitcoin

Drops

Reserve

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/powells-comments-lead-to-crypto-price-drops" data-wpel-link="internal" rel="noopener noreferrer nofollow">Powell’s Comments Lead to Crypto Price Drops</a><br></p>
<p style="text-align: justify">Recent remarks by Federal Reserve Chairman Jerome Powell regarding interest rate cuts have triggered a significant downturn in cryptocurrency valuations worldwide. The sell-off, which began mid-week, has intensified, affecting major digital assets.</p>
<h2 id="what-happened-to-bitcoin-and-altcoins">What Happened to Bitcoin and Altcoins?</h2>
<p style="text-align: justify">Despite efforts for recovery, <a href="https://en.bitcoinhaber.net/bitcoin-price-leap-spurs-corporate-crypto-acquisition" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> struggled to maintain its position above $100,000, plummeting to as low as $95,700. Other cryptocurrencies, such as Ethereum, saw a drastic decline, falling over 10.8% below $3,500. Additionally, altcoins like Cardano, <a href="https://en.bitcoinhaber.net/chainlinks-link-token-soars-to-a-two-year-record-reaching-20-mark" data-wpel-link="internal" rel="noopener noreferrer nofollow">Chainlink</a>, Aptos, and Dogecoin faced losses ranging from 15% to 20%, with <a href="https://en.bitcoinhaber.net/solanas-surge-and-competition-with-ethereum-a-crypto-market-update" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana</a> hitting its lowest mark since early November, down nearly 26%.</p>
<h2 id="are-traditional-markets-reacting-differently">Are Traditional Markets Reacting Differently?</h2>
<p style="text-align: justify">In contrast, traditional markets showed slight resilience, with U.S. stock indices bouncing back from earlier losses, although some gains were relinquished during trading hours. The S&amp;P 500 and Nasdaq experienced a modest increase of 0.5%. Meanwhile, the U.S. Dollar Index climbed to its highest level since November 2022, and 10-year Treasury yields surged above 4.6%.</p>
<p style="text-align: justify">The recent rise in cryptocurrency values, following Donald Trump’s election victory, was previously buoyed by expectations of favorable policies from his administration. However, shifting projections about the Fed’s rate cuts and Powell’s warnings about inflation led to a significant market correction.</p>
<ul>
 <li>Bitcoin dipped to $95,700 after struggling to regain footing.</li>
 <li>Ethereum and several altcoins saw declines between 10% to 20%.</li>
 <li>U.S. stock indices showed slight recovery, indicating a mixed market response.</li>
 <li>The U.S. Dollar Index and Treasury yields reached notable highs.</li>
</ul>
<p style="text-align: justify">Investors are now urged to stay vigilant and assess ongoing market dynamics to navigate potential volatility effectively.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/powells-comments-lead-to-crypto-price-drops" data-wpel-link="internal" rel="noopener noreferrer nofollow">Powell’s Comments Lead to Crypto Price Drops</a></h5>

Powell’s Comments Lead to Crypto Price Drops

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