Bitcoin Nosedives 10% After Fed Chair Powell's Dovish Speech
CryptoNewsTerminal Staff02 Sep, 2024
Bitcoin Nosedives 10% After Fed Chair Powell's Dovish Speech
Arthur Hayes, co-founder of BitMEX, has expressed his surprise at Bitcoin's recent 10% plunge following Fed Chair Jerome Powell's dovish speech. Hayes had initially anticipated that the Fed's interest rate cuts would benefit risk assets, including Bitcoin. However, the market's reaction suggests that the central bank's actions may have unintended consequences. Observers speculate that Powell's dovish tone may have raised concerns about the economy's health, leading investors to retreat from risky assets like Bitcoin. The speech also hinted at the possibility of slower-than-anticipated rate cuts in the future, further dampening market sentiment.
