Bitcoin Lost Further Following Jerome Powell Speech
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Bitcoin fell sharply again in late August. The world’s number one digital currency by market capitalization is just over $20,000 after a speech by US Federal Reserve Chairman Jerome Powell on the state of the economy.
Bitcoin continues to experience downtrends
Powell hinted that more interest rate hikes would likely be in order, meaning bitcoin is set to suffer further at the hands of what can only be seen as a very incompetent government at the moment that has proven incapable of forward thinking, but not all of bitcoin. analysts are calling for gloom and doom and instead believe the time to buy BTC and possibly get rich is now.
Among those who say now is the time to buy is Jean-Baptiste Graftieaux, CEO of Bit Stamp. He said in a recent interview:
Many institutional firms are looking to make their first move to crypto. There is huge interest in crypto from our institutional clients… In general, how long the crypto winter will last is a bit too early to say when and how, but personally I feel that we are now in a more positive trend than in the last couple of months, although the climate is still very uncertain. In the coming quarters, we will probably see more positive indicators, maybe not zero, but positive market development.
Charles Edwards, founder of quantitative crypto fund Capriole Investments, was also quick to note that bitcoin miners are re-entering the fray, noting the huge rise in bitcoin’s hash rate. He said:
Historically, these have been great times to reserve bitcoins with incredible returns.
Commenting on Jerome Powell’s speech, Joe DiPasquale, managing director of hedge fund Bit Bull Capital, noted in a note:
Fed Chairman Jerome Powell’s speech … was perhaps a little funny in that he mentioned that “tightening policy” would be required for some time, and [he] opposed “premature loosening”. However, because of this, we remain cautious on any upside moves and stick to our stance of watching the market react at key levels and aim to rally around the $20,000-$18,000 range to start.
What will it take?
Many are wondering what it will take for Bitcoin to calm down and get itself off the ground. The digital currency has experienced one of its biggest periods of volatility in recent days, as the asset hit an all-time high of around $68,000 per unit last November.
Since then, however, the currency has experienced a rapid series of losses that eventually saw it shed around 70% of its total valuation, with the asset now struggling to maintain its position just below the $20,000 mark. It is a sad and ugly sight.