The cryptography market was down during Wednesday session, apparently in response to the recent remarks of the president of the Federal Reserve Jerome Powell. The majority of cryptographic assets, including Bitcoin, XRP and Shiba Inu, display losses by day while the president of the Fed, Jerome Powell, aroused caution on the markets with his recent declaration.
In his speech on Tuesday, the president of the federal reserve, Jerome Powell, reaffirmed the engagement of the Central Bank to reduce inflation and suggested that decision -makers do not hurry to reduce interest rates.
Powell’s comments on monetary policy were largely in accordance with his previous opinions and those of his colleagues, who are struggling with a combination of tax and monetary factors that make an uncertain environment.
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Powell’s comments occur in the first of the two appearances this week on Capitol Hill. He promised himself on Tuesday before the Senate Banking Committee and the Chamber’s Financial Services Committee.
Cryptographic markets react
The markets have read recent FED messaging as indicating that the rates will remain pending, probably throughout the summer, after having dropped its reference level from a full point at the end of 2024.
Powell said that the current policy, which has the rate of reference federal funds ranging from 4.25% to 4.5%, allows flexibility. The Federal Open Market Committee held the stable rate at its end -of -January meeting.
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The Bitcoin (BTC) price has dropped almost 2% in the last 24 hours in the benefits on the cryptography market which has led to more than $ 173 million in liquidated Paris. Total liquidations have reached $ 229 million in the last 24 hours, with 120,190 liquidated merchants.
Most of the cryptocurrencies have seen a drop in the last 24 hours; XRP and Shiba Inu record losses of more than 3%, and other major cryptocurrencies such as Ethereum, Cardano and Solana also see decreases. Dogecoin, Stellar, ChainLink and Toncoin reported losses between 3% and 6%.
