@BOMBERuss 26 August 2022 more from that month

Today, #Bitcoin first rose by 3.5% within a few hours, and then collapsed by more than 6 percent, updating the weekly minimum. What happened? According to the largest cryptocurrency exchange #Binance, the maximum price of BTC/USDT corresponded to $21,886, the minimum — $20,529. The cryptocurrency and stock markets were expecting a speech by the head of the Federal Reserve System Jerome Powell at a symposium in Jackson Hole today. No one expected anything good from him, so the pressure of sellers gradually increased. However, in the middle of the day, when the speech had not yet been made, data on the US Per capita Expenditure Index (#PCE) came in, which turned out to be lower than expected. The markets reacted positively to these data, as the figures added weight to the idea that inflation in the US has already peaked — a narrative already supported by the growth of the consumer price index (#CPI). Analyst Kevin Svenson tweeted: "The PCE data is optimistic. The Fed is not guided by them, so now speculators are raising rates. But if Powell keeps the course, we could easily capsize, just be careful. Now Bitcoin and the S&P 500 are something like a coin flip." Swanson was staring into the water. Powell spoke, and the markets began to fall, although, it would seem, he did not say anything new. Powell noted that the Fed is trying to limit demand, that restrictive monetary policy will take some time, that the first signs of slowing inflation are good, but not enough. However , the key phrase turned out to be the following: "The longer high inflation persists, the more likely it is that it will consolidate at a high level." #CryptoCurrency #BTC #USA