Bitcoin, traded at Investing.com at 5:21 AM (Aug. 27), was down 4.29 percent, moving at $20,650.7.
Bitcoin, traded at Investing.com at 5:21 AM (Aug. 27), was down 4.29 percent, moving at $20,650.7.
Bitcoin price movement in the negative territory this morning. It came following the Dow Jones Industrial Average closed Friday (Aug 26) with a sharp drop of 1,008.38 following Federal Reserve Chairman Jerome Powell reiterated that the Fed would continue to raise interest rates to curb inflation. And there is a tendency for the Fed to raise interest rates big in September.
Dow Jones Industrial Average The S&P 500 fell 3.37% at 4,057.66 and the Nasdaq fell 3.94% at 12,141.71.
Mr Powell said The Fed’s mission to combat inflation isn’t over yet. The Fed will continue to tighten monetary policy. This may affect the economic expansion and labor market of the United States.
“We will continue to raise interest rates. Until we are confident that our mission will be successful. Households and businesses may be affected by the Fed’s continued rate hike. But failure to stabilize prices will have a bigger impact,” Powell said at the Fed’s annual meeting in Jackson Hole today.
In addition, Mr Powell said The Fed still needs to raise interest rates. And the Fed won’t cut its options. “Raise interest rates bigger than usual” in September.
Powell stressed that the Fed needed to act quickly. What has happened in the past reflects that too late action will cause the labor market to collapse heavily.
“Although the slowdown in inflation in July is a welcomed thing. But just one month of data isn’t enough to convince the Fed board that inflation has settled,” Powell said.