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.