Bitcoin tumbles on Jerome Powell’s vigorous speech

Between November 2021 and August 2022, Bitcoin lost 70% of its value.

A single being is missing and everything is depopulated, said Lamartine. All it took was a word from Jerome Powell, the all-powerful boss of the US Federal Reserve (the FED), to crack bitcoin (BTC), which fell 5% on Friday August 26. The queen of cryptocurrencies fell back to the floor of 20,800 dollars scalded by the promise of the American central bank to continue its policy of raising rates. Analysts expect bitcoin at $16,000. “Restoring price stability will take time and will require aggressive use of our tools to rebalance supply and demand. Reducing inflation will likely require an extended period of below-trend growth,” Fed Chairman Jerome Powell said in a speech at the annual Jackson Hole Economic Symposium. Note that bitcoin has lost more than 70% of its value compared to its peak of $69,000 reached in November 2021.