From Nasdaq, Inc.:

Major cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, saw declines of 1.36%, 3.24%, and 1.90% respectively after Federal Reserve Chair Jerome Powell’s hawkish comments. The global cryptocurrency market cap dropped by 8.29% to $1.51 trillion. Bitcoin plummeted to $42,100 after Powell announced plans to keep rates unchanged.

The Dow Jones Industrial Average fell by 317.01 points, or 0.82%, to 38,150.30. The S&P 500 and Nasdaq Composite dropped by 1.61% and 2.23% respectively. Alphabet, Microsoft, and AMD all experienced declines in stock value, with Alphabet seeing its worst performance since October 25.

Cryptocurrency analyst Michael Van de Poppe predicts Ethereum to potentially reach $3,500-4,000 within the next 3-6 months. Grayscale Investments’ Head of Research, Zach Pandl, stated that Powell’s comments could strengthen the dollar in the short term and may present a headwind for bitcoin. Analyst Ali Martinez outlined key data points to consider ahead of the Bitcoin Halving in April 2024.



Read more: Bitcoin, Ethereum, Dogecoin Tumble After Fed Leaves Rates Unchanged: Analyst Labels Move ‘Temporary Headwind’ For King Crypto