Amid the turmoil in the crypto market, Jerome Powell, chair of the Federal Reserve’s speech at the Jackson Hole summit, once again pushed the market cap below $1 trillion.
After seeing the historic downfall in and collapse of numerous crypto entities, the crypto market was showing a recovery phase since the last month as the market cap surpassed the $1 trillion mark once again.
“While higher interest rates, slower growth, and softer labour market conditions will bring down inflation, they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain,” Powell said at the Jackson Hole economic symposium.
According to Coinmarketcap data, the total market cap of all the cryptocurrencies fell over $50 billion from $1.04 trillion on August 26 to $953 billion on August 29.
One of the largest cryptocurrencies, Bitcoin again slipped below $20,000 on Monday and is trading at around $19,930 at the time of writing. While Ether is trading at around $1,479.
Also Read: Bitcoin Price Jumps After the Federal Reserve Hikes Interest Rate
