Bitcoin (BTC) price started experiencing massive volatility in mid-March, navigating the bearish market and tough regulatory environment. Recently, the price of Bitcoin dropped to $26,900 with Federal Reserve Chair Jerome Powell’s words possibly causing an impact.
Traders and analysts have speculated that Powell’s words may have been responsible for causing downward pressure on the crypto markets, leading to the current low BTC prices. His comments emphasized the need for the Federal Reserve to remain “flexible” in the face of the coronavirus pandemic and its economic effects.
The current volatility in the crypto markets is indicative of the uncertainty surrounding the cryptocurrency industry and its future. As long as Powell and other Federal Reserve officials continue to speak out on the matter, investors might remain cautious moving forward.
It remains to be seen whether the price of Bitcoin will continue to dip or if it will rebound in the coming days and weeks.
