Why bitcoin, Ethereum, XRP, and Dogecoin price decrease

A collapse in the encryption market, with Bitcoin, Ethereum, XRP and the Dogoin price witnessing significant decreases. This price decreased came in the wake of Jerome Powell’s certificate, President of the Federal Reserve, before the Senate Banking Committee.

Crossing market: Why do BTC, ETH, XRP and DOGE decrease today

Coinmarketcap data He explains that Bitcoin, Ethereum, XRP and Dogecoin suffered significant declines in prices after the collapse of the encryption market. This happened after Jerome Powell’s testimony to the Senate Banking Committee, which was dirty for risk origins.

Powell said there is no need to accelerate the control of the current economic policy. He also indicated that they want to make further progress in inflation before the axis.

These statements were highlighted by the President of the Federal Reserve, once again, the correct position that the US Central Bank is currently adopting in terms of its monetary policy. This is a declining for risk assets such as Bitcoin, Ethereum, XRP and Dogcoin because the Federal Reserve is unlikely to reduce interest rates anytime soon.

It should be noted that Powell made some positive observations of the market, including emphasis on Central Bank’s commitment To finish Debanking. He also revealed that they are not planning to create a central bank’s digital currency (CBDC).

However, these notes were not enough to stop the collapse of the encryption market, as Powell hawk speech raised a wave of sales. Bitcoin price can quickly decrease to less than the support level of $ 97,000, which is at risk of decline to less than $ 95,000 at the time of writing this report.

Coinglass data shows that more than $ 200 million has been filtered from the encryption market during the past 24 hours, with long jobs in achieving the maximum benefit.

Donald Trump’s contribution to the market decrease

US President Donald Trump also contributed to the collapse of the encryption market with the definitions he carried out since he took office on January 20. Trump announced a 25 % tariff on aluminum and steel imports.

The US President promised to impose some customs tariffs on the European Union, which the European Union also responded to will be defected with its definitions. These developments have raised concerns about commercial wars, which are landfill for the encryption market. China has already retaliated by imposing taxes on some American imports.

As Coingepe stated, Trump revealed last week that he was planning to advertise.Mutual definitionsThis week, countries that imposed unfair taxes on the United States. This step can negatively affect the market and lead to more declines.