Following the recent comments by Jerome Powell, the Chairman of the Federal Reserve, the bullish momentum experienced by leading cryptocurrencies, Bitcoin and Ethereum, experienced a sharp decline. The unexpected shift in the crypto market can be attributed to Powell’s remarks surrounding the potential introduction of central bank digital currencies (CBDCs) and stricter regulations on currently undesired stable-coins. The crypto community was quick to respond with heightened sell-off, leading to the observed price drop. However, sector experts suggest this is but a temporary reaction, as the key players correct themselves and set the stage for the next rally that’s speculated to come with new regulatory clarity. Read More
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