Saturday August 27, 2022 ▪ 9:00 pm ▪
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The market capitalization of the entire cryptocurrency industry has increased by almost 1.5%. As of Tuesday afternoon, Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE) have experienced relatively low volatility. A trend that comes in a particular context, because the head of the American Federal Reserve (FED), Jerome Powell, will give an annual speech before the central bank of the world. At this point, it is unclear what direction Powell’s speech will take. Some specialists in the financial market expect to think that the President of the FED will want to keep the increase in interest rates to face better inflation.
The hour of the mass of money came with Jerome Powell’s speech
The major financiers of the entire world are currently united within the framework of the jackson hole symposium. Today will be the long awaited speech Jerome Powell, Chairman of the US Federal Reserve (FED). Since yesterday Thursday, there is a link between conferences and interventions with the whole gratin of the financial world. In addition to the speeches from finance ministers and economists, it is above all the direction given by the president of the US Federal Reserve (FED) that keeps all the attention.
His intervention is expected around 4 pm (Paris time). Many questions are related to this speech from the President of the FED. Many experts believe that Powell could be firmer on his desire to tackle inflation which has a score of 8.5% over the last 12 months. He will have to end any hope of lower interest rates for a new bull market. Especially since the last few days have seen a low bitcoin price volatility and some important atlcoins. In fact, between Wednesday and Thursday, the king of cryptocurrencies was trading at $21,676, an increase of almost 0.96%.
Why is this talk important to the cryptocurrency market?
The IS Jackson Hole Annual Conference it is an event not to be missed. Every decision is likely to have an impact on the planet’s economy. The many contributors give an epilogue on the various economic issues of great importance. Some leaders also take advantage of the opportunity to announce major events or important initiatives.
Powell’s statement is crucial, as we will want to see if he follows through or breaks with his speech at the Fed meeting last July. If it is to continue, it would surprise investors to expect a tough tone.
The content of his comments will, in any case, affect the value of cryptocurrencies. I have to say that the encryption industry which are closely linked to equity markets. A detailed speech from the FED boss would act as a stimulus to limit crypto volatility and accelerate the return of a bull market.
In summary, August 25 is an important date for investors around the world. Powell’s speech to the world’s bankers is of particular importance, even more so than in July 2022. Indeed, it comes after the decision President Joe Biden to write off $10,000 in student loan debt. This repeal only affects people who earn less than $125,000 a year. A decision that changes everything for the FED, it has to be more aggressive to fight inflation.
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A doctoral student in financial law and an experienced SEO web editor, Cédrick Aimé is passionate about cryptocurrencies, trading, etc. He naturally participates thanks to his articles in the daily blockchain revolution for a better democratization of DeFi.