CandleFocus FED Chairman Jerome Powell Will Speak for Two Days in a Row! What Will It Affect Bitcoin (BTC)? Here Are the Expectations and What...
2025-02-10
Author: Content Editor
The upcoming testimony of Fed Chair Jerome Powell to the House Financial Services Committee and the Senate Banking Committee is expected to have an impact on the cryptocurrency market, particularly Bitcoin. Analysts predict that Powell's statements may trigger a change in the direction of Bitcoin's price and potentially push it towards $100,000. However, some experts believe that Bitcoin is unlikely to reach that milestone due to various factors, including Powell's speech. Market analysts expect Powell to emphasize the Fed's dual mandate of maintaining price stability and maximum employment and to continue their data-driven approach to reducing inflation. While Powell's speech may cause short-term volatility, analysts believe it will not have a significant impact on the price of Bitcoin. However, if the January employment data comes in below expectations, there could be a change in the outlook for interest rates, potentially leading to an increase in risky assets such as Bitcoin. Bloomberg economists suggest that for an increase in Bitcoin prices, Powell would need to acknowledge progress in inflation or weakness in the labor market and hint at a rate cut before June 2025.
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