• Bitcoin and other large-cap cryptocurrencies experienced a rollercoaster ride during the speech of US Federal Reserve Chairman Jerome Powell.
• Altcoins such as SAND and ROSE saw gains of over 25% on the day.
• The price of Bitcoin initially skyrocketed to above $23,300 but all gains were quickly wiped out in a chop.
Market Turmoil During Powell Speech
Yesterday was an eventful day for the cryptocurrency market as major large caps went through a rollercoaster due to the speech by Chairman of the US Federal Reserve – Jerome Powell. He reiterated his comments from last week regarding inflation and disinflation in the US economy, which caused some volatility in the markets.
Bitcoin Price Action
The price of Bitcoin initially skyrocketed to above $23,300 after the speech, but almost immediately afterwards, all gains were wiped out in what turned out to be a chop.
While some altcoins had it better than others during this period of market turmoil—notably SAND and ROSE who rallied over 25% on the day—others were not so lucky.
The mixed performance among different coins has resulted in mixed investor sentiment across different segments of the cryptocurrency market with some investors feeling bullish while others remain skeptical about further upside potential.
It remains to be seen how far this rally will go and whether or not cryptocurrencies can maintain their momentum going forward into 2021 and beyond.