Cryptocurrency prices are down today, with Bitcoin falling by 2% and Ripple dropping by 6% in the last 24 hours. These declines follow Federal Reserve Chair Jerome Powell’s recent comments about monetary policy.
Crypto YouTuber Conor Kenny believes that Powell’s statement—that the Federal Reserve is not authorized to hold Bitcoin—reflects the central bank’s stance. The Fed chairman also mentioned that there are no plans to alter this policy.
Impact on Bitcoin and Ripple Price
Kenny noted that the recent comment made by Jerome Powell is the reason Bitcoin’s price has fallen to the critical threshold of $100,000. This drop marks a significant reaction from the market, reflecting growing unease about the future of cryptocurrency under current regulatory frameworks.
READ ALSO: Analyst Predicts Ethereum (ETH) Price to Hit $18,000 This Cycle, Explains Why
The analyst also noted that Ripple’s XRP price also suffered as part of the broader market downturn. The cryptocurrency saw its price slip below $2.40, contributing to a broader sense of volatility that has characterized the market in recent days.
This announcement has led to widespread concern among investors, prompting a sell-off in the cryptocurrency market as many Ripple and Bitcoin holders are panic selling.
