Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD are all trading lower Friday morning. Stocks and cryptocurrencies at large are trading lower after Fed chair Jerome Powell said the Fed will remain aggressive in its monetary policy stance to fight inflation.
Cryptocurrencies have been seen by some investors as a speculative hedge against inflation and the Fed’s plans to curb inflation could weigh on the broader cryptocurrency sector.
What Happened?
Powell said the Federal Reserve’s goal remains getting inflation back down to a goal of 2%.
“Price stability is the responsibility of the Federal Reserve and serves as the bedrock of our economy,” Powell said. “Without price stability, the economy does not work for anyone.”
Powell said the impact of inflation and the labor market often falls heaviest on those who are least able to bear it… Read More
See Also: Stocks Plummet As Powell Doubles Down On Fed’s Inflation Fight Until ‘The Job Is Done’
- Bitcoin is trading lower by 3.66% to $20,770.80
- Ethereum is trading lower by 6.13% to $1,591.44
- Dogecoin is trading lower by 4.55% to $0.066
