The crypto market witnessed a significant uptick on Tuesday after Federal Reserve Chair Jerome Powell answered macroeconomic questions pertaining to the United States at the Economic Club of Washington. The statements made by the Fed Chair have elicited a favorable response from the financial markets, as seen by the 0.65% increase in the S&P 500 Index. In contrast, the ever-volatile digital assets market witnessed a 0.66% gain with the market cap hitting the $1.08 trillion mark.
As a result of the announcement, the cryptocurrency with the largest market capitalization, Bitcoin (BTC), climbed to $23,311 from $22,960, while the altcoin supremo — Ethereum’s (ETH) price went from $1,616 to hit $1,661.
Within minutes after the announcement, the prices of flagship cryptocurrencies such as XRP, Solana, Dogecoin and Chainlink experienced a decent increase in price. However, out of the top 150 coins by market value — Shiba Inu (SHIB), Fantom (FTM), Optimism (OPT), Terra (LUNA) and Quant (QNT) were the most hit, with some falling by over 3% in the past hour.
While speaking about the current state of affairs in the country, Powell stated that the U.S. economy is clearly slowing from the historically high growth rates of 2021, which reflected the reopening of the economy following the pandemic recession. While the latest economic data has been mixed and mostly positive, Powell considers the economy to show strong underlying momentum. According to the Fed Chair, the labor market is particularly strong, with 517,000 new jobs getting added for the month of January.
This is a developing story and is being frequently updated.
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