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Bitcoin, stocks and commodities correct after Fed chair mentions policy change
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Global financial market took a hit on Nov. 30 after comments from U.S. Federal Reserve Chair Jerome Powell hinted that inflation and the Omicron COVID-19 variant are growing threats and that the bank's easy money policies could end sooner than anticipated.
Prior to Powell's comments, Bitcoin (BTC) had been on the rise and the digital asset had rallied 6% from a low of $55,840 in the early trading hours on Nov. 30 to an intraday high at $59,200, but the price was hammered back below $57,000 after the Fed's remarks.
At the time of writing, Bitcoin has managed to climb back to $58,000 but a series of technical indicators signal that traders are not confident about BTC's next move.
It wasn’t just Bitcoin that was hard hit by the Fed's comments.
Read more on cointelegraph.comAbout this in other media
Analysts expect Bitcoin trend change after Fed lays out its 2022 roadmap cointelegraph.com /3 years ago
Fed chair Jerome Powell says he isn't concerned about crypto disrupting financial stability in the US cointelegraph.com /3 years ago
Stock futures are flat after S&P 500 notches best week since February at record high cnbc.com /3 years ago
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