@ybbaloch

Powell’s Comments Send Bitcoin Down After Rate Cut. After the Federal Reserve cut interest rates, Jerome Powell spoke in a press talk that quickly changed the mood in the market. Many traders had expected this cut to be the start of a series of rate drops, but Powell made it clear that another cut in December is far from certain. He said the economy is still growing but only at a steady pace. The job market is starting to cool down and inflation is still higher than the Fed wants. He also mentioned that the government shutdown could slow the economy for a short time. Powell pointed out that while layoffs and new hiring remain low, the risk of weaker job numbers has gone up. Those comments were enough to shake the market. Traders who had hoped for faster rate cuts started to back off, and that led to a pullback in crypto prices. Bitcoin dropped about 4 percent to around 107,935. Ethereum also slipped to about 3,840.

0 reply

6 recasts

6 reactions