Powell Speech This Week May Correct BTC and ETH
CryptoNewsTerminal Staff21 Aug, 2024
Powell Speech This Week May Correct BTC and ETH
Jerome Powell, Chairman of the Federal Reserve, is expected to address concerns about the health of the US employment market at the Jackson Hole meeting this week. While no decisions regarding a rate cut are likely to be made, Powell's speech may reverse the market rally seen over the past two weeks, pushing BTC and ETH below their support levels. Regardless, the Fed is still expected to cut rates in September. Crypto exchange QCP Capital notes that the market has rallied on expectations of a rate cut, but if Powell's speech suggests otherwise, the market may correct. The market is in a precarious position, and Powell's speech could be the catalyst for a correction.
