Why Bitcoin, Ethereum, and Dogecoin Are Heading Lower Today Despite Powell's 'Very Very Good' Remarks On Inflation
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies Bitcoin, Ethereum, and Dogecoin saw a decrease in value following hawkish remarks by Fed Chair Jerome Powell. The Federal Reserve decided to maintain its current monetary policy, keeping the benchmark interest rate unchanged at 5.25% to 5.50%. However, Fed officials revised their projections for next year, indicating a higher expected interest rate of around 5.1%. Stocks also slipped following the announcement, with Microsoft, Nvidia, and Alphabet experiencing declines. Crypto analysts predict that Bitcoin is likely to start trending up, while Ethereum dominance may decrease over the next few months.
September 21, 2023 | 2:47 am
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NEGATIVE IMPACT
Dogecoin's value decreased following the Fed's announcement.
The decrease in Dogecoin's value is directly linked to the Fed's announcement.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Ethereum's value decreased following the Fed's announcement, and analysts predict a decrease in dominance over the next few months.
The decrease in Ethereum's value is directly linked to the Fed's announcement. Analysts predict a decrease in dominance over the next few months.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Alphabet's stock decreased following the Fed's announcement.
The decrease in Alphabet's stock is directly linked to the Fed's announcement.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Microsoft's stock decreased following the Fed's announcement.
The decrease in Microsoft's stock is directly linked to the Fed's announcement.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Nvidia's stock decreased following the Fed's announcement.
The decrease in Nvidia's stock is directly linked to the Fed's announcement.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Bitcoin's value decreased following the Fed's announcement, but analysts predict an uptrend.
The decrease in Bitcoin's value is directly linked to the Fed's announcement. However, analysts predict an uptrend due to the potential end of the current hiking policy.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100