- Bitcoin prices fell sharply on Friday, below $21,000, following Jerome Powell’s speech.
- Wall Street has a similar reaction , the S&P 500 fell 2%.
- Powell in his Jackson The Fed will maintain aggressive speech until “the job is done.”
Bitcoin (BTC/USD) fell below $21,000 on Friday afternoon, hitting lows around $20,700 at the time of writing.
Falling after Fed Chair Jerome Powell’s Jackson Hole speech could lead to cryptocurrency surge The price retested the support at $20,000 or lower.
The Fed continues to raise interest rates
The Jackson Hole Symposium, which brings together central bankers, economists and other key policymakers, is an annual event that usually accompanies market growth swings around the highly anticipated commentary.
So, after Powell maintained a hawkish stance, reiterating that the central bank will raise rates “before the work is done” on inflation, stocks and Cryptocurrencies — risky assets — all fell sharply.
The S&P 500 is down 2%, the Nasdaq is down nearly 2.6%, and the Dow Jones Industrial Average is down more than 500 Points, down -1.6%.
Bitcoin price drops nearly 4%, looks vulnerable to fresh losses, major support at $20k, analysis The division believes that this is very important for the short-term planning of the bulls.