Will Jerome Powell’s Upcoming Speech Influence Crypto Markets?
30.09.2024 16:00 1 min. read Alexander Stefanov
Jerome Powell, the Chair of the U.S. Federal Reserve, is set to speak at the National Association for Business Economics today, just ahead of the release of the U.S. nonfarm payrolls report on Friday.
In his address, Powell is anticipated to comment on the economic outlook and provide insights into monetary policy. Rachel Lucas from BTC Markets noted that his statements regarding inflation and interest rates could significantly impact various markets, including cryptocurrencies.
She pointed out that a hawkish stance from Powell might be contributing to a recent dip in Bitcoin prices, which fell by 1.5% over the last day.
Augustine Phan, head of research at SOFA.org, believes Powell will likely echo the sentiments expressed in the last Federal Open Market Committee meeting, particularly given the recent positive inflation trends.
This Friday, the Labor Department’s nonfarm payrolls report will offer critical insights into employment trends. While August data indicated a weakening job market, Lucas expressed hope for a better report for September. A stronger employment figure could reinforce the Fed’s current interest rate policy, potentially benefiting risk assets like Bitcoin and Ethereum.
Phan added that the cryptocurrency market might see short-term bullish conditions, as cryptocurrencies remain closely tied to macroeconomic trends, particularly the S&P 500. He also mentioned that political events, such as Kamala Harris’s support for crypto, could enhance market sentiment and attract more investors to the space.
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