Powell’s Jolt Causes Bitcoin, Ethereum, and Dogecoin to Tumble

Major cryptocurrencies, including Bitcoin and Ethereum, traded lower on Tuesday evening, as the global cryptocurrency market cap fell by almost 1% to $1.02 trillion. Meanwhile, the S&P 500 and Nasdaq futures were largely unchanged at the time of writing, after Federal Reserve Chair, Jerome Powell, announced that continued high inflation is causing hardships, and warned that there was a “long way to go” to getting inflation back to a 2% target. OANDA Senior Market Analyst, Edward Moya, stated that Powell had “killed risk appetite” on the first day of his Capitol Hill appearance. Meanwhile, Justin Bennett said that the likelihood of a correction in Ethereum is on the rise, while on-chain market intelligence firm, Glassnode, announced that 40,000 BTC, worth almost $886.78 million, associated with US government law enforcement seizures, are on the move.

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About The Author

Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

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