Crypto is still responding positively to Jerome Powell’s speech

Jerome Powell, chairman of the US Federal Reserve, said in an interview today that disinflation is happening, although the processes are still in the early stages. Despite inflation slowing down, Powell said the goal remains to bring inflation all the way down to 2%. This means that the Fed will likely continue to raise interest rates for some time to come. Despite that, the crypto market seems to be responding moderately positively to the speech by the chairman of the Fed.

Markets react surprisingly positively

So Powell indicated that the process of raising interest rates is likely to take some time. In addition, he added that the Federal Reserve would raise interest rates more if necessary. While those statements may not have been what investors had hoped, financial markets reacted surprisingly positively. For example, the S&P 500 index rose by 0.65% and the crypto market also followed this trend with a price increase of 1 percent. At the time of writing, the price of 1 BTC is at $23,126

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