Powell Warns Of Impending Pain, Bitcoin, Ethereum Plummet

Bitcoin (BTC) and Ethereum (ETH) plummeted immediately after Fed Chair Jerome Powell began the Jackson Hole speech. In one hour from start of the Fed Chair’s speech, BTC and ETH prices fell 1.83% and 1.80% respectively. This sharp fall comes at a time when macroeconomic factors are unfavorable to the cryptocurrency industry. Following the inflation data release earlier this month, the crypto market experienced a short rally. This came as a relief for the crypto traders who had a tough time this year due to high volatility.