The Entrepreneurs Weekly
No Result
View All Result
Wednesday, July 2, 2025
  • Login
  • Home
  • BUSINESS
  • POLITICS
  • ENTREPRENEURSHIP
  • ENTERTAINMENT
Subscribe
The Entrepreneurs Weekly
  • Home
  • BUSINESS
  • POLITICS
  • ENTREPRENEURSHIP
  • ENTERTAINMENT
No Result
View All Result
The Entrepreneurs Weekly
No Result
View All Result
Home Business

Bitcoin Price Drops After Fed Chair Jerome Powell’s Comments | Entrepreneur

by Brand Post
December 20, 2024
in Business
0
Bitcoin Price Drops After Fed Chair Jerome Powell’s Comments | Entrepreneur
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter


Federal Reserve Chairman Jerome Powell took a bite out of Bitcoin’s historic price surge.

In a press conference on Wednesday, he said the central bank is not currently looking to build a reserve of Bitcoin, and projected only two rate cuts for 2025.

“We’re not allowed to own Bitcoin. The Federal Reserve Act says what we can own, and we’re not looking for a law change,” Powell said. “That’s the kind of thing for Congress to consider, but we are not looking for a law change at the Fed.”

Bitcoin prices fell more than 5% following the press conference. As of this morning, the value sits at around $95,000. On Tuesday, it hit $108,000.

Related: An International Perspective on Bitcoin’s Value Surge

Holding Bitcoin was floated by President-elect Donald Trump as a way to stay ahead of the competition, per USA Today.

Prior to the 2024 election, Trump spoke at a Bitcoin convention and said that he intends to make the United States the “crypto capital of the planet and the bitcoin superpower of the world.” The Trump family rolled out a new cryptocurrency business in September and, this month, he named former PayPal executive David Sacks as his “White House A.I. & Crypto Czar.”

The announcement from Powell didn’t just affect Bitcoin. Coindesk reports that Ethereum’s ether (ETH) dropped 10.8% and Dogecoin’s DOGE took a 15%-20% loss. “Over the past 24 hours — roughly since yesterday’s rate decision by Fed policymakers — nearly $1.2 billion worth of leveraged crypto derivatives trading positions have been liquidated across all assets,” writes Krisztian Sandor.



Source link

Tags: BitcoinBusiness NewsChairCommentsCryptocurrencydonald trumpDropsentrepreneurFedJeromeMoney & FinanceNews and TrendsPowellsPrice

Related Posts

AI Startup TML From Ex-OpenAI Exec Mira Murati Pays 0,000 | Entrepreneur
Business

AI Startup TML From Ex-OpenAI Exec Mira Murati Pays $500,000 | Entrepreneur

July 1, 2025
Why Your Finance Team Needs an AI Strategy, Now | Entrepreneur
Business

Why Your Finance Team Needs an AI Strategy, Now | Entrepreneur

July 1, 2025
He Went From 1K in Debt to Teaching Others How to Succeed | Entrepreneur
Business

He Went From $471K in Debt to Teaching Others How to Succeed | Entrepreneur

July 1, 2025
  • Trending
  • Comments
  • Latest
Meet Amir Kenzo: A Well Known Musical Artist From Iran.

Meet Amir Kenzo: A Well Known Musical Artist From Iran.

August 21, 2022
Behind the Glamour: Bella Davis Opens Up About Overcoming Adversity in Modeling

Behind the Glamour: Bella Davis Opens Up About Overcoming Adversity in Modeling

April 20, 2024
Dr. Donya Ball: Pioneering Leadership Solutions for Tomorrow’s Challenges

Dr. Donya Ball: Pioneering Leadership Solutions for Tomorrow’s Challenges

May 10, 2024
Nasiyr Bey’s Journey from Brooklyn to Charlotte: The Entrepreneurial Path to Owning a Successful Cigar Lounge

Nasiyr Bey’s Journey from Brooklyn to Charlotte: The Entrepreneurial Path to Owning a Successful Cigar Lounge

August 8, 2024
Augmented.City Startup Developers Appeal To US Politicians With An Open Letter

Augmented.City Startup Developers Appeal To US Politicians With An Open Letter

0
U.S. High Court Snubs Challenge To State And Local Tax Deduction Cap

U.S. High Court Snubs Challenge To State And Local Tax Deduction Cap

0
GOP Lawmaker Blames Biden For Russia-Ukraine War: Putin ‘Could never have Invaded’

GOP Lawmaker Blames Biden For Russia-Ukraine War: Putin ‘Could never have Invaded’

0
Brad Winget’s Tips and Tricks on Having a Career in Real Estate

Brad Winget’s Tips and Tricks on Having a Career in Real Estate

0
AI Startup TML From Ex-OpenAI Exec Mira Murati Pays 0,000 | Entrepreneur

AI Startup TML From Ex-OpenAI Exec Mira Murati Pays $500,000 | Entrepreneur

July 1, 2025
Why Your Finance Team Needs an AI Strategy, Now | Entrepreneur

Why Your Finance Team Needs an AI Strategy, Now | Entrepreneur

July 1, 2025
He Went From 1K in Debt to Teaching Others How to Succeed | Entrepreneur

He Went From $471K in Debt to Teaching Others How to Succeed | Entrepreneur

July 1, 2025
How One Founder Is Rethinking Supplements With David Beckham | Entrepreneur

How One Founder Is Rethinking Supplements With David Beckham | Entrepreneur

July 1, 2025

The EW prides itself on assembling a proficient and dedicated team comprising seasoned journalists and editors. This collective commitment drives us to provide our esteemed readership with nothing short of the most comprehensive, accurate, and captivating news coverage available.

Transcending the bounds of Chicago to encompass a broader scope, we ensure that our audience remains well-informed and engaged with the latest developments, both locally and beyond.

NEWS

  • Business
  • Politics
  • Entrepreneurship
  • Entertainment
Instagram Facebook

© 2024 Entrepreneurs Weekly.  All Rights Reserved.

  • About Us
  • Advertise
  • Contact Us
No Result
View All Result
  • ENTREPRENEURSHIP
  • ENTERTAINMENT
  • POLITICS
  • BUSINESS
  • CONTACT US
  • ADVERTISEMENT

Copyright © 2024 - The Entrepreneurs Weekly

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In