Bitcoin (BTC) remained stuck inside a narrow range into May 20 as cryptocurrency markets shook off United States macro triggers.
Powell leaves market with “tons of uncertainty”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading just below $27,000.
The pair had seen brief volatility after Jerome Powell, Chair of the Federal Reserve, gave new commentary on policy and the outlook for inflation.
While leaving the door open for change should it be required, Powell’s language did not offer risk assets clear signals. Responding, financial commentary resource, The Kobeissi Letter, warned that “tons of uncertainty” lay ahead.
SUMMARY OF POWELL SPEECH (5/19/23):
1. Inflation “far above 2% objective”
2. Committed to getting inflation to 2%
3. Unclear if rates are “sufficiently restrictive”
4. Failure to lower inflation prolongs pain
5. Will “take time” to lower inflation
Tons of uncertainty ahead.
— The Kobeissi Letter (@KobeissiLetter) May 19, 2023
Bitcoin nonetheless soon forgot the event, returning to a…