Traditional markets are closed today, but Bitcoin continues to boom. Crypto often offers a window into risk sentiment, and today's 2% drop in BTC could suggest some bearishness is creeping in, especially as selling accelerated following Powell's comments in San Francisco.
For the most part, the Fed chairman stuck to the current playbook.
“The economy is strong, we are seeing very strong growth,” he said, adding that the risks are two-sided and they will keep an eye on the data. Notably, he did not emphasize that the Fed plans to cut interest rates this year, as he had previously done; although he wasn't asked about it directly.
BTC was trading exactly at $70,000 before the comments and fell afterwards, although some of this may have been stops as the major asset and European lows declined.
I don't think this move means all that much in BTC considering where the liquidity is and how big the move is (which is entirely in the range of the last 4 days).
BTC 5 mins
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