Why are bitcoin and cryptocurrencies falling?

SAFAKNA TURKEY – Following last week’s news related to the possibility of Silvergate going bankrupt, US Federal Reserve Chairman Jerome Powell addressed the US Senate Banking Committee last night. Bitcoin (BTC) and altcoins have declined.

Bitcoin in the last 7 days, 5% with depreciation for 22000 dollars During the regression, many altcoins also fell heavily. Ethereum (ETH) down 3.3% 1.554 Binance coin (BNB) 286 down 4.9%, Ripple (XRP) down 0.4% 0.376Cardano (ISLAND) down 8.1% 0.338Dogecoin (DOZH) down 9.6% 0.073 polygon (MATIC) down 5.9% 1.12 and OKR (OKR) 20% in decline $41traded with.

What did Powell say? What caused the fall?

The fact that crypto bank Silvergate has yet to release its Q4 report and the news that the bank went bankrupt caused the fall. The collapse was also influenced by the fact that many companies stopped working with the bank after subsequent statements, but Bitcoin, your $22,400 He was able to hold on.

On the other hand, Fed Chairman Jerome Powell, with his statements last night in the US Senate Banking Committee, caused a decline in both global markets and the crypto money market. bitcoin after speech, your $22,000 fell below.

Speaking of the January data, Powell made the following statements:

Employment, consumer spending, manufacturing and inflation data reversed our easing trends. The final level of interest rates is likely to exceed our expectations.

Powell is also interested in cryptocurrencies. regulation coming confirming the need blockchain fraud He emphasized that this is too much.

This will be announced on March 22 following Powell’s statements. 25 basis points the possibility of a rate increase from 70% to 37% rejected. With the likelihood that the Fed will rise again by 50 basis points, the decline was observed in all markets.

Although it is believed that the decline will continue until March 22, and the interest rate will be announced, bitcoin will be in the near future. rise or fall It will become a little clearer.