As of today, it is observed that sellers are more dominant in the cryptocurrency sector. While the leading cryptocurrency Bitcoin (BTC) is experiencing a decline, the increase in the dominance chart has had a negative impact on altcoins.
Today, the cryptocurrency market is expected to experience volatile hours. The speech by the Chairman of the Federal Reserve (FED), Jerome Powell, increases the level of risk in crypto assets.
According to the latest information, FED Chairman Powell will address the cameras at 16:30 (GMT). It is expected that cryptocurrencies will exhibit volatile movements during Powell's speech.
In the previous meeting, FED Chairman Powell mentioned the possibility of two interest rate hikes by the end of 2023, which had a suppressing effect on both traditional financial markets and the crypto sector.
During today's speech, if Powell makes hawkish comments regarding interest rates, it could lead to the leading cryptocurrency Bitcoin (BTC) falling below $30,000.
In the previous meeting, FED Chairman Powell influenced the price movements of cryptocurrencies by stating the following about interest rates:
"The FOMC generally believes it would be appropriate to raise interest rates two more times this year."
"For now, we've held interest rates steady to give the FOMC time to make further decisions."
In the previous meeting, FED Chairman Jerome Powell also made the following comments about stablecoins:
"We see stablecoins as a form of money, and we believe that central banks are the ultimate source of trust in advanced economies for money. Going forward, we think having a strong federal role in regulating stablecoins is appropriate. Otherwise, if it's confined to a weak role and allows for the creation of numerous private monies at the state level, it can lead to a mistake."