Bitcoin neared the $19,000 level after central bankers renewed inflation warnings on Wednesday at the European Central Bank’s (ECB) annual forum. By shauryamalwa
Bitcoin fell toward the $19,000 level in Asian afternoon hours after central bankers renewed inflation warnings at the European Central Bank’s annual forum on Wednesday.
The asset dropped 5.5% in the past 24 hours, and is on track for a record 40% monthly decline. Other large cryptocurrencies also weakened, with ether notching a 9.9% 24-hour drop and Solana’s SOL falling as much as 11%. Total cryptocurrency market capitalization lost 4.3%.Federal Reserve Chairman Jerome Powell reiterated the Fed's commitment to increasing interest rates to curtail inflation.
“Is there a risk we would go too far? Certainly, there’s a risk,” Powell said. “The bigger mistake to make – let’s put it that way – would be to fail to restore price stability.” Powell said the Fed had to raise rates rapidly, Reuters reported, adding that a gradual increase could cause consumers to feel that higher prices of commodities would persist. About a week ago, his commentsU.S. equity market futures fell following Powell’s comments, with S&P 500 futures losing 1.59% and those on the tech-heavy Nasdaq 100 falling 1.9%. Asian markets were in the red with Japan’s Nikkei 225 losing 1.54% and the Asian-focused index Asia Dow losing 1.14%.
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