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With the rise it experienced yesterday, Bitcoin reached its highest level in the last six weeks and exceeded $ 28,000. At this point, October, known as “Uptober”, that is, the month of rise, started quickly for BTC, which increased by more than 4% in the last 24 hours.
While investors were wondering whether the rise in Bitcoin would continue, all eyes turned to the speech by FED chairman Jerome Powell.
Powell's speech will begin at 15:00 UTC (18:00 GMT).
Although the FED kept interest rates constant in September, Powell made hawkish statements. At this point, Powell will attend a meeting with Philadelphia Fed President Patrick and Powell's statements will be followed closely.
Because the statements to be made by Powell and FED officials are important for clues about whether there will be an increase in interest rates before the FOMC meeting in November.
While Bitcoin and the markets closely followed Powell's speech, analysts stated that Powell's speech could increase volatility in the market.
What Happened?
Announcing the interest rate decision on September 20, the FED did not increase the interest rate as expected and kept the interest rates constant between 5.25 and 5.5%.
Speaking after this decision, the FED President said that the FED has come a long way in terms of inflation, but the effects of the FED's tightening have not yet been felt.
Stating that interest rate decisions for the following months will be based on data and risk assessments, Powell stated that inflation is still well above the target.
“The full effects of the Fed's tightening have not yet been felt. Inflation is well above target and the FOMC is committed to pushing inflation to 2%.
FOMC decisions will be based on incoming data. FOMC will continue to make decisions meeting by meeting.
“We are prepared to raise interest rates further if appropriate.”
Bitcoin is at $28,210 at the time of writing.
*This is not investment advice.