Bitcoin and Ethereum extend losses to $20,230 and $1,500
Bitcoin continues to fall, the crypto market follows it, heading south
- Jerome Powell’s speech sends markets crashing
- Ethereum’s Recent Price Action
Following the hawkish statement by Jerome Powell, head of the US Federal Reserve, at the annual central bank summit held in Jackson Hole, Wyoming on Friday, August 26, stock markets as well as cryptocurrencies began to collapse.
Jerome Powell’s speech sends markets crashing
The Fed Reserve chairman said the US central bank will have to maintain its hawkish stance for some time to come, killing traders’ expectations of an impending pivot.
Bitcoin’s traditional rival, gold, also fell, according to data presented by data aggregator Santiment – gold, S&P 500, Bitcoin, Ethereum and other digital currencies reacted by a sharp decline.
📊 #Bitcoins, #Ethereumthe #SP500and #gold are all significantly down on a #bearish Friday for traders. $BTC fell back to a 6-week low after #JeromePowell made #falcon remarks on the state of the American economy, despite a positive balance sheet #CPI report. https://t.co/hTtPT7nWuN https://t.co/ThliKG6SeY pic.twitter.com/mtlkuEBTtB
— Santiment (@santimentfeed) August 26, 2022
On Friday, the flagship cryptocurrency rose from just above $21,000, now reaching the $20,200 zone. In the past 24 hours, BTC has declined by more than 5%.
Ethereum fell from the $1,686 level, trading in the $1,506 zone at press time and losing 9% in the past 24 hours.
DOGE, XRP, ADA and the other top ten cryptocurrencies reacted with lower prices on Friday, but now the crypto market appears to be back in the green zone, at least for now.
Ethereum’s Recent Price Action
Ethereum has demonstrated a decline in price over the past week, slipping even before the Fed Reserve Chairman’s speech.
Many believe that while the upcoming merger will move the second-largest blockchain from PoW to PoS, the implementation of this long-awaited upgrade could also act as a driver for ETH selling.