Here’s Why Shiba Inu (SHIB), XRP and Cardano (ADA) Just Recorded Major Price Jumps

As a seasoned crypto investor with a keen interest in economic trends, I found Powell’s recent speech both intriguing and reassuring. While JPMorgan CEO Jamie Dimon’s warnings about stagflation had cast a shadow of uncertainty over the market, Powell’s dismissal of these concerns was a welcome relief.


During Jerome Powell’s speech, the prices of coins like Shiba Inu (SHIB), Cardano (ADA), XRP, and others in the altcoin market showed signs of growth.

I didn’t detect any signs of “stagflation” during my assessment of the economy – a condition where growth slows down while inflation remains high. According to Powell, there was neither the “stag” (slowdown) nor the “inflation” (price increase) present in the current economic scenario.

Previously, Jamie Dimon, CEO of JPMorgan, expressed apprehensions about stagflation and predicted that the American economy could be experiencing a resurgence of the economic conditions seen in the 1970s.

Following Powell’s speech, Jeffrey Gundlach, an American businessman and investor, expressed his belief that the Federal Reserve will only make one interest rate reduction this year. He does not anticipate a rate cut taking place in June. Although Fed Chair Powell has acknowledged the uncertainty surrounding future rate changes, he has hinted that the next policy action is unlikely to involve a decrease.

According to Powell’s recent statement, there’s a possibility of earlier rate cuts in response to unexpected labor market weakness. Nevertheless, the final decision will depend on the upcoming inflation figures. Powell has expressed contentment with current inflation levels at 3%, but aims to return it to the Fed’s target of 2% before considering any reductions.

In the context of interest rate futures, it’s understood that a rate decrease is anticipated in the year 2024. The initial reduction is predicted to materialize in September.

The cryptocurrency market has taken a significant blow from the Federal Reserve’s unexpected change in direction, resulting in Bitcoin recording its most dismal monthly close since August 2023. Initially, it was anticipated that the Fed would enact at least three interest rate reductions in 2023.

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2024-05-01 23:28