Bitcoin was down 2.07% at $64,392 after last week’s rally. Fed Chair Jerome Powell, who may influence market sentiment, investors now await to speak this week
Bitcoin and ether prices fell on Monday evening as investors awaited a speech by Federal Reserve Chair Jerome Powell on inflation and interest rates, a topic that could lead to market volatility.
Bitcoin was trading down 2.07% at $64,392, while ether had slipped 1.69%, according to Coin Metrics. Both cryptocurrencies had rallied last week, with Bitcoin notching a record high of $68,667 on Monday, helped by anticipation of a U.S. approval for Bitcoin futures exchange-traded funds (ETFs).
Powell is set to speak on the economic recovery and monetary policy at the Cato Institute on Tuesday, as per a report by The Block. His remarks on inflation and interest rates will be closely watched by investors.
The U.S. non-farm payroll data, due out on Friday, will also have a significant bearing on Bitcoin’s price action, with any positive surprises likely to buoy so-called risk-on assets such as cryptocurrencies.
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