Powell's Hawkish Stance Sends Crypto Markets Tumbling

Fed Chair Jerome Powell's Hawkish Comments Impact Crypto Markets

The cryptocurrency market experienced a downturn following hawkish comments from Federal Reserve Chairman Jerome Powell. In his speech at a Dallas conference, Powell emphasized the strength of the current economy and indicated that there was no urgency to lower interest rates. This statement cast doubt on the likelihood of a December rate cut by the U.S. central bank, which had previously been considered almost certain with an 83% probability according to CME FedWatch data. As reported by CoinDesk, Bitcoin prices fell approximately 1.5%, dropping further throughout the day.

Dogecoin Surges Amid Post-Election Rally

Following Donald Trump's election victory, Dogecoin has emerged as one of the biggest gainers in the crypto space. The meme coin saw another boost when Trump announced plans for a new agency named DOGE, co-led by Elon Musk, aimed at reducing government expenditure and bureaucracy. According to Investopedia, this announcement led Dogecoin to break out from its previous trading pattern on high volume, setting it up for potential speculative buying opportunities.

The Intrinsic Value of Cryptocurrency Explained

A comprehensive analysis provided by crypto.news delves into what makes cryptocurrencies valuable beyond mere speculation or hype cycles. Key factors include digital scarcity exemplified by Bitcoin’s limited supply cap and network effects where increased adoption enhances ecosystem value. External influences such as global economic conditions also play significant roles in determining cryptocurrency valuations.

Bitcoin Price Surge Linked to Trump's Election Win

The Independent reports that Bitcoin's price surged past $90,000 after Donald Trump secured re-election. Promises made during his campaign included ending regulatory "persecution" against cryptocurrencies and establishing strategic reserves using seized assets from financial criminals—moves expected to bolster US status as a 'bitcoin superpower'. However, experts caution about inherent volatility tied both politically through unpredictable policy shifts under Trump’s administration alongside traditional market dynamics associated within cryptos themselves.

Bhutan Sells BTC; McDonald's Launches NFTs Amid Market Movements

An intriguing development comes from Bhutan selling $33 million worth of Bitcoins while simultaneously witnessing major brands like McDonald’s entering NFT markets via partnerships with web3-native brand Doodles, creating coffee-themed collectibles part of holiday campaigns globally. Meanwhile, altcoins including PEPE & SUI recorded substantial gains driven largely by listings across platforms, expanding accessibility among retail investors worldwide, contributing towards heightened liquidity levels observed recently despite broader bearish trends.

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