After nearly two weeks of explosive gains, crypto prices briefly cooled on Thursday and into Friday, possibly due to a speech delivered by U.S. Federal Reserve Chair Jerome Powell.
Powell spoke in Dallas on Thursday and struck a somewhat ambiguous tone about future US monetary policy choices.
He continued to emphasize that the Fed views current risks to inflation and employment goals as “being roughly in balance.”
“We know that reducing policy restraint too quickly could hinder progress on inflation. At the same time, reducing policy restraint too slowly could unduly weaken economic activity and employment.
We are moving policy over time to a more neutral setting. But the path for getting there is not preset. In considering additional adjustments to the target range for the federal funds rate, we will carefully assess incoming data, the evolving outlook, and the balance of risks. The economy is not sending any signals that we need to be in a hurry to lower rates. The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully. Ultimately, the path of the policy rate will depend on how the incoming data and the economic outlook evolve.”
The overall crypto market cap ticked down on Thursday but recovered on Friday afternoon and was up more than 2% in the past day at time of writing, according to CoinGecko.
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