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Bitcoin may have hit a floor after Fed chief's speech at Jackson Hole

The largest cryptocurrency is down about 6% since Powell's hawkish Aug. 26 Jackson Hole speech underlined that the Federal Reserve wants to subdue financial markets

bitcoin, Crytpocurrency
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Bitcoin

Akshay Chinchalkar and Joanna Ossinger | Bloomberg
Bitcoin quivered but didn’t fold after Jerome Powell signaled higher-for-longer interest rates to fight inflation, a pattern that for brave prognosticators could be a hint of a floor for the digital token.
 
The largest cryptocurrency is down about 6% since Powell’s hawkish Aug. 26 Jackson Hole speech underlined that the Federal Reserve wants to subdue financial markets as part of a push to curb economic activity and contain price pressures.

That’s a smaller drop than traders are conditioned to expect in a volatile asset. It’s roughly in line with the rout in the tech-heavy Nasdaq 100 index over the period, whereas

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First Published: Aug 30 2022 | 6:01 PM IST

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