Crypto Carnage: BTC, ETH, XRP, and DOGE Plummet After Powell’s Testimony

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Oh no, looks like the crypto market just took a nosedive! Bitcoin, Ethereum, XRP, and Dogecoin are all feeling the heat after Federal Reserve Chair Jerome Powell’s testimony before the Senate Banking Committee. Apparently, he’s not too keen on cutting interest rates anytime soon, which has sent investors scrambling for the exits.

Crypto Crash: BTC, ETH, XRP, and DOGE Take a Dive After Powell’s Speech

You won’t believe your eyes! Bitcoin, Ethereum, XRP, and Dogecoin have all been hit hard by a crypto market crash. The culprit? None other than Fed Chair Jerome Powell, whose testimony before the Senate Banking Committee left investors feeling bearish about risk assets.

Powell’s comments about the need to make more progress on inflation before pivoting only added fuel to the fire. This hawkish stance from the US Central Bank means that interest rates are unlikely to be cut anytime soon, which is bad news for cryptocurrencies like Bitcoin, Ethereum, XRP, and Dogecoin.

But wait, there’s more! Powell also affirmed the Central Bank’s commitment to end debanking and revealed that they don’t plan on making a Central Bank Digital Currency (CBDC). While these remarks may have been positive for the market, they weren’t enough to stop the crypto market crash.

As a result, the Bitcoin price has plummeted below the $97,000 support level and is at risk of dropping below $95,000. Ouch! 😱

 

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2025-02-11 22:26