Investors were listening closely for clues the Fed might ease its restrictive policy stance at the central bank’s next meeting in September. Powell’s speech last week came amid a gathering of central bankers from around the world. Ethereum is currently down 8% over the last week Ethereum has similarly seesawed during that time, back below $1,600 on Thursday morning. Bitcoin climbed back up a bit and hovered above $20,000 Wednesday morning but slid down again Thursday morning. Though bitcoin saw some improvement and got back over $20,000 on Sunday, it dipped back down below that key benchmark Tuesday, and has been teetering back and forth since then. The drops followed a speech by Federal Reserve Chairman Jerome Powell last week in which he poured cold water on hopes the Fed might pull back on more rate increases this year as it continues its fight to slow inflation. For more information, see How We Make Money.įederal Reserve Chairman Jerome Powell sent bitcoin and ethereum prices tumbling after he spoke at an economic summit last week.īitcoin and ethereum both saw big drops Saturday, with bitcoin falling below $20,000 and ethereum dropping below $1,500 for the first time in over a month.
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