Bitcoin Falls Nearly 5% to $20,822 After Federal Reserve Chairman Jerome Powell Speaks in Jackson Hole Aug. 26, Inflation Will Take Time to Return to Ideal Levels said.
Powell spoke briefly at the event, talking about the importance of price stability. He pointed out that price stability is “the foundation of the economy” without which the economy benefits no one. He stressed that price stability must be restored and maintained, but said “households and businesses will suffer some pain” until the economy reaches that level.
Mr Powell said:
“It will take time to restore price stability. [FED] Tools to force.
Bitcoin price fell 2% during Chairman Powell’s speech, dropping from $21,830 to $21,548. After his speech, he continued to drop for another three hours, dropping 5% to $20,743.
Bitcoin’s price has experienced a small bull market in recent weeks, reaching the $24,000 level. However, Bitcoin’s price is on a downward trajectory as the market closes over the weekend.