The bitcoin $50,000 barrier has been broken. Cryptocurrency investors and traders should keep their guards down and take profits as there are possibilities that the US regulators and politicians can ruin their celebration before the end of the week.
According to Coingecko, Bitcoin is now trading over fifty thousand US dollars. The current market cap of cryptocurrency as per coinmarketcap is over 2 trillion US dollars. Washington DC officials seem to be preparing for an action that could influence the crypto industry.
The Federal Reserve Bank of the city of Kansas declared that they will be having their 2021 Economic Policy Symposium Virtually. On August 27, the chairman of the Federal Reserve, Jerome Powell, will give a speech on the Macroeconomic Policy in an Uneven Economy.
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This symposium always sees attendees discuss the vital and pressing issues of Policies.
Powell’s speech could be focusing on all financial markets over the next week, expecting high volatility. This year, he has talked about cryptocurrency in disapproving terms. Powell has spoken about crypto in contemptuous terms this year, affirming that crypto assets are “vehicles for speculation”, and that they have been futile to perform a means of payment.
However, Bloomberg reported that Powell could be on the verge of winning a second term as the chairman of the Federal Reserve after he won the support of Janet Yellen, the Treasury Secretary
According to the media outlet, the support of the treasury chief on reappointing Powell will increase his chance of winning the second term, but the president of the US is yet to decide on that and he is likely to do so on labor day.
The concern of some investors is the connection of the treasury to the crypto industry. Even though she does not have it in view, it could be a threatening signal.
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