Jerome Powell makes key remarks with implications for cryptocurrencies
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Other Fed officials are scheduled to speak this week. On Tuesday, investors will be looking for the latest retail sales data as well as import and export prices.The crypto market is posting a mixed reaction amid profit-taking after a bullish start to the week. However, most cryptocurrencies remained in the green as investors weighed comments from Federal Reserve ChairmanA few cryptocurrencies and select meme coins are posting significant gains. Dogwifhat and Floki were up 20.35% and 18.
Fluctuating expectations for cuts in U.S. interest rates had reduced demand for riskier assets in recent weeks, with Bitcoin previously falling to lows last seen in February. The recent remark from the Fed Chairman, which raised the prospect of rate cuts, appears bullish for the crypto market.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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