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The remarks made by Fed chair Jerome Powell were not encouraging for the cryptocurrency markets.Due to favorable inflation figures, Bitcoin and the rest of the cryptocurrency market were experiencing significant gains. Ethereum increased by more than 5% while Bitcoin increased by 4%.Powell, though, adopted a combative tone in his remarks at Jackson Hole. As a result, <a href="https://www.coingabbar.com/en/crypto-currency/bitcoin-btc-prices-usd" rel="noopener noreferrer nofollow">Bitcoin has decreased by almost 6%</a> during the past day. The price is currently $20.21K. The price of Ethereum has dropped by about 10% to $1,505. It is likely to fall under $1.5K.Two Differing Forces Are at WorkThe market reacted to the interaction of two quite distinct forces. On the one hand, it was discovered that the PCE data was less than anticipated. After the CPI statistics from August, this is the second straight set of data that indicated slowing inflation. Both of those data revelations were met with favorable market reactions.The Federal Reserve was expected to change course from its monetary policy of quantitative tightening and interest rate hikes.However, Key Fed officials, including dovish ones like Minneapolis Fed president Neel Kashkari, took a more confrontational approach. Jerome Powell, too, took an undeniably firm attitude. He disclosed that the Fed&#39;s primary goal is to combat inflation. He forewarned residents and businesses of imminent danger.The market had a strong reaction and dropped considerably. Additionally, the S and P 500 dropped more than 3%. Powell&#39;s statements, according to experts, is a tool for reducing consumer and corporate enthusiasm. If so, they were a resounding success.Can Bitcoin Surge?Powell&#39;s 10-minute speech, according to Lark Davis, erased about a trillion dollars from equities and cryptocurrency. However, Michael van de Poppe, the CEO of Eight Global, has provided some encouragement.He believes that the Fed&#39;s aggressive strategy cannot be sustained. If this is the case, Bitcoin and Ethereum may recover if future inflation data show cooling inflation.Get more crypto related updates :-<a href="https://www.coingabbar.com/en/crypto-news-english" rel="noopener noreferrer nofollow">https://www.coingabbar.com/en/crypto-news-english</a>

After Powell's Doom and Gloom Speech, will Bitcoin Rebound?

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