The impact of the average Powell decision on the encrypted currency market Flash news details

On January 31, 2024, the meeting of the Federal Reserve Speaker Jerome Powell at the FOOC Open Market Committee (FOMC) had a major impact on the encrypted currency market, especially on the symbols associated with Acting (Bloomberg, 2024-01-31). Powell’s decision not to reduce interest rates to the immediate reactions on the market, as Bitcoin (BTC) decreased by 2.5 % from $ 43,500 to 42,412.50 dollars within 30 minutes of advertising (Coindsk, 2024-01-31, 14:30 EST). ETHEREUM (ETH) followed its example, and decreased by 3.1 % from $ 2,300 to 2,29.70 dollars (Coinmarketcap, 2024-01-31, 14:30 EST). The artificial intelligence symbol, Singularitynet (AGIX), has witnessed a more severe decrease, as it decreased by 4.2 % from $ 0.35 to $ 0.3358 in the same time frame (CryptocCCOCOMPARE, 2024-01-31, 14:30 EST), which reflects an increased sensitivity to the total economic news due to concentrate the niche sector. (Cointerelgraphraph, 2024-31).

The trading effects on the Powell speech were widespread. BTC trading volume increased by 25 % to $ 12.5 billion within an hour of advertising (Coinbase, 2024-01-31, 15:00 EST), indicating a rush for sale and setting positions in response to average decision. ETH trading volume increased by 20 % to $ 5.8 billion in the same period (Binance, 2024-01-31, 15:00 EST). For artificial intelligence symbols such as AGIX, trading volume witnessed a 30 % increase to $ 150 million, indicating a large reaction from traders focusing on encrypted currencies related to AI (kucoin, 2024-01-31, 15:00 EST). The relationship between symbols of artificial intelligence and the main encrypted currencies has become clear, as AGIX has shown a 0.75 correlation coefficient with BTC price movements over the past 24 hours (Cryptoquant, 2024-01-31). This link highlights the interconnection between artificial intelligence and broader encryption markets, with artificial intelligence symbols often follows the main assets such as BTC and ETH (Coinmetrics, 2024-01-31).

Technical indicators presented more ideas about the market reaction. The RSI RSI index decreased from 65 to 58 within an hour of Powell’s speech, indicating a transformation towards the terms of sale (TradingView, 2024-01-31, 15:00 EST). The RSI of ETH has decreased similarly from 62 to 55, indicating a similar trend (Coinigy, 2024-01-31, 15:00 EST). RSI’s Agix decreased from 68 to 59, indicating a faster transmission to the sales lands compared to the main cryptocurrency (Cryptowatch, 2024-01-31, 15:00 EST). The scales on the series also showed a significant increase in the volume of transactions for BTC, as it rises by 15 % to 2.3 million transactions during the watch (Blockchain.com, 2024-01-31, 15:00 EST). The volume of transactions in ETH increased by 12 % to 1.1 million transactions (ETHERSCAN, 2024-01-31, 15:00 EST). For AGIX, the volume of transactions increased by 20 % to 50,000 transactions, reflecting the increased trading activity in response to the FOMC (Sntuularityneer Explorer, 2024-01-31, 15:00 EST). The AI-Crypto market was clear in the analysis of feelings of social media platforms, as the indication of artificial intelligence symbols alongside the main cryptocurrencies was more than 40 % after the Powell (Lunarrushush, 2024-01-31, 15:00 EST).

Regarding the developments of artificial intelligence, market morale towards intelligence symbols has been affected by the latest progress in artificial intelligence technology. On January 25, 2024, Google announced a breakthrough in the treatment of natural language, which led to an increase of 5 % in the AGIX price from $ 0.33 to $ 0.3465 (Google, 2024-01-25; CryptocCOMPare, 2024-01-25, 10:00 EST). This development highlighted the possibility that artificial intelligence symbols will benefit from technological developments, as Agix showed a direct link to artificial intelligence news. AGIX trading volume increased by 10 % to $ 135 million after the advertisement (Kucoin, 2024-01-25, 11:00 EST), indicating a positive response in the market to artificial intelligence developments. The relationship between the developments of artificial intelligence and the morale of the encryption market was also clear in the increased trading activity and a positive feeling on social media platforms, with a rate of 25 % in the positive signals of the symbols of artificial intelligence (Lunarcraush, 2024-01-25, 11:00 EST). This interdependence between Ai Developments and Crypto Market Dynamics provides traders possible opportunities to take advantage of AI’s news and their impact on the distinctive code prices.