Ethereum Price Plummets 9% As Fed Chair Passes Hawkish Remarks

The crypto community has witnessed another price plunge after the just concluded Federal Reserve annual meeting. Many investors already anticipated a new turn in asset prices after Jerome Powell spoke on the approach to combat inflation. But from the turn of events, Powell tipped the scale against investors’ expectations. As a result, many cryptocurrencies and equities have already started a downward price trend. Ethereum (ETH) and many other cryptocurrencies have lost some August 25 price gains. After the meeting, ETH’s price tanked 9% and stood at $1555. But the bears continued to push the price lower. Some hours later, in the evening, ETH plummeted lower to $1478 before climbing up gradually. Related Reading: Avalanche (AVAX) Tries Comeback, Unfazed By $2-B Market Cap Loss In Last 2 Weeks As of the time of writing, ETH is still in the reds on August 27. The price fluctuates between $1499 and $1505. The coin struggled to climb a bit higher than the August 26 lowest point of $1478 to stand at $1,499, showing a 9.68% loss. Bitcoin And Stocks Didn’t Fare Better Bitcoin and equities lost gains following the Fed annual meeting too. BTC price early morning August 26 was $21,596.09. It recorded an intraday high of $21,804. But later, BTC started a terrible downtrend to a peak low of $20,036 before climbing sluggishly upwards. At the close of the market, BTC’s price was $20,260.02. As of August 27, BTC is at ...