{"id":63328,"date":"2022-06-23T07:59:36","date_gmt":"2022-06-23T04:59:36","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=63328"},"modified":"2025-09-05T23:25:38","modified_gmt":"2025-09-05T20:25:38","slug":"fed-chair-jerome-powell-we-are-closely-watching-developments-in-the-cryptocurrency-market","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/fed-chair-jerome-powell-we-are-closely-watching-developments-in-the-cryptocurrency-market\/","title":{"rendered":"Fed chair Jerome Powell: we are closely watching developments in the cryptocurrency market."},"content":{"rendered":"<p>Representatives of the U.S. Federal Reserve System (Fed) are closely watching cryptocurrencies amid heightened market volatility, <a href=\\\"https:\/\/www.banking.senate.gov\/hearings\/the-semiannual-monetary-policy-report-to-congress\\\">said<\/a> Fed chair Jerome Powell.<\/p>\n<p>\\n\\n<\/p>\n<p>According to him, the Fed has not yet seen any significant impact of the situation on the Bitcoin market&#8217;s macroeconomy.<\/p>\n<p>\\n\\n<\/p>\n<p>At the same time, Powell says the cryptocurrency industry needs a &#8220;better regulatory framework&#8221;:<\/p>\n<p>\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\&#8221;Many products in the digital finance sector are, in some sense, similar to products that exist in the banking system or in the capital markets, but they are not regulated in the same way. We must address this.\\&#8221;<\/p>\n<\/blockquote>\n<p>\\n\\n<\/p>\n<p>In its June 14-15 meeting, the Fed raised the federal funds rate <a href=\"https:\/\/u1f987.com\/en\/news\/fed-raises-key-rate-bitcoin-and-ethereum-rally\">by 75 basis points<\/a> to a range of 1.5-1.75%.<\/p>\n<p>\\n\\n<\/p>\n<p>A few days after this, the price of bitcoin <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-slips-below-the-20000-psychological-level\">plunged<\/a>, but later recovered somewhat. At the time of writing, the leading cryptocurrency was trading around $20,300.<\/p>\n<p>\\n\\n<\/p>\n<figure class=\\\"wp-block-image\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/lh4.googleusercontent.com\/3uzsVWdp8sC07hBdTAeTwlvBDGFNJsnzUULnVGPGnCQ_NIZpAfIb6XJ4Fd0BLPUESVu2QMjqocw7i5smSOtxNkxiYiXxfpNn43RL_M5_00X8YwPu_gd6RT4dyqR0cXKwKN4EBME0yiBXZMxzJg\\\" alt=\\\"Fed chair: we are closely watching developments in the cryptocurrency market\\\"\/><figcaption>Daily BTC\/USDT chart on Binance. Data: TradingView.<\/figcaption><\/figure>\n<p>\\n\\n<\/p>\n<p>Analysts at Arcane Research say that Bitcoin\u2019s price could continue to fall <a href=\"https:\/\/u1f987.com\/en\/news\/analysts-foresee-bitcoin-price-dropping-to-10350\">as low as $10,350<\/a>.<\/p>\n<p>\\n\\n<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\\\"\/\/telegram.me\/forklog\\\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US Federal Reserve officials are closely watching cryptocurrencies amid heightened market volatility, Fed chair Jerome Powell said.<\/p>\n","protected":false},"author":1,"featured_media":63329,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1249,1440,36],"class_list":["post-63328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-federal-reserve-system","tag-jerome-powell","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"71","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63328","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=63328"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63328\/revisions"}],"predecessor-version":[{"id":63330,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63328\/revisions\/63330"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/63329"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=63328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=63328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=63328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}