Cryptocurrency experts assured: the speech of the representatives of the Federal Reserve System (FRS) will determine what the market will be like next. Analysts emphasized that on August 26, 2022, the future of the industry may be decided and whether the mood of the bidders will be determined: bullish or bearish.
Federal Reserve Chairman Jerome Powell will give his annual speech at Jackson Hole today at 6:00 pm Moscow time. This is an important meeting that determines the economic program of the US Central Bank for the coming year. Data such as the consumer price index (CPI) and other key data that affect the growth of inflation will be published today.
Analysts recalled that the decisions of the Fed directly affect the state of affairs in the cryptocurrency market in recent months. Last time, data on the consumer price index, which showed a slowdown in inflation, led to a short-term bullish rally in cryptocurrencies. Industry enthusiasts are hoping for a repeat of this scenario.
Social media users noted that everything Powell said could instantly affect the upward movement of leading digital assets. The chairman of the Fed can both bring down the market and have a positive impact on its growth. However, according to them, it is difficult to predict what will actually happen. Cryptocurrencies have been very volatile lately and it is not possible to predict the exact scenario for the development of events, according to users.