BitcoinPanjang
Powell Shocks the Crypto Market: Bitcoin Slides Backward
The cryptocurrency market suffered a notable drop after Federal Reserve Chairman Jerome Powell stated that the Fed “cannot own Bitcoin or other cryptocurrencies.” These statements, made in the context of a financial stability conference, intensified the downward pressure in an environment already affected by recent monetary policy decisions.
Bitcoin and Ethereum on the Decline
Bitcoin, the leading cryptocurrency, lost more than 4% in the last 24 hours, falling below $25,000. Ethereum also experienced a similar decline, settling near $1,500. Both currencies face a challenging outlook amid regulatory uncertainty and risk aversion in global markets. The cryptocurrency is currently trading at the Sunday trading range on the 15th of this month, coinciding with the checkpoint (POC) at $101,711. For the time being, the value is holding and bullish pressure is once again picking up the market.
Powell and the role of the Fed
Powell stressed that while the Fed is interested in exploring the issuance of a central bank digital currency (CBDC), it does not see owning Bitcoin as consistent with its monetary policy or financial stability objectives. This comment reignited concerns about the future of cryptocurrencies in an environment where regulators are seeking greater control.
Market Outlook
Uncertainty over regulatory policies in the U.S., coupled with signs of a more restrictive Fed, continues to weigh on the cryptocurrency market. Investors are now closely watching any developments in digital asset legislation, as well as the impact of monetary policies on risk appetite.
Meanwhile, cryptocurrencies face an uncertain path, marked by the tension between their growing adoption and the increasingly strict oversight of global regulators.
Ion Jauregui - ActivTrades Analyst
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The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
Bitcoin and Ethereum on the Decline
Bitcoin, the leading cryptocurrency, lost more than 4% in the last 24 hours, falling below $25,000. Ethereum also experienced a similar decline, settling near $1,500. Both currencies face a challenging outlook amid regulatory uncertainty and risk aversion in global markets. The cryptocurrency is currently trading at the Sunday trading range on the 15th of this month, coinciding with the checkpoint (POC) at $101,711. For the time being, the value is holding and bullish pressure is once again picking up the market.
Powell and the role of the Fed
Powell stressed that while the Fed is interested in exploring the issuance of a central bank digital currency (CBDC), it does not see owning Bitcoin as consistent with its monetary policy or financial stability objectives. This comment reignited concerns about the future of cryptocurrencies in an environment where regulators are seeking greater control.
Market Outlook
Uncertainty over regulatory policies in the U.S., coupled with signs of a more restrictive Fed, continues to weigh on the cryptocurrency market. Investors are now closely watching any developments in digital asset legislation, as well as the impact of monetary policies on risk appetite.
Meanwhile, cryptocurrencies face an uncertain path, marked by the tension between their growing adoption and the increasingly strict oversight of global regulators.
Ion Jauregui - ActivTrades Analyst
*******************************************************************************************
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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