Since the encryption market is facing an increased volatility in the early Wednesday session, all Eyes is now on the President of the Federal Reserve, Jerome Powell Washk, retail sales data in March, issued today.
Powell is scheduled Speak At the Chicago Economic Club on Wednesday about its view of the American economy. Any evidence related to interest rate changes, control of inflation or economic growth may have effects on all financial markets, including encrypted currencies.
If the Federal Reserve Chair draws the charity tone, indicating higher interest rates of length, then risk assets such as cryptocurrencies may face short -term sale pressure. On the other hand, if the Powell Duofish tone is taken, Bitcoin may refresh and other encryption assets amid hopes for low interest rates.
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Before Powell’s speech and low economic data, traders prepare for volatility, and perhaps the opportunity. Whether it is a gathering or decline, the next few days are set to test the market appetite for risks.
What next?
Bitcoin and other major encrypted currencies fell, as they followed the profits on Tuesday. Bitcoin decreased more than 3 %, while XRP, Dogecoin, Cardano and ChainLink decreased by more than 4 %. Pi, Celestia, Bonk, Jasmy and Flare fell about 10 %.
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Investors digest retail sales data for the month of March, a major report indicating consumers’ willingness to judge during a period of increased economic uncertainty and uncertainty. Dow Jones specialists expect a 1.2 % increase from the previous month, an increase of 0.2 % in February.
Investors will also search for industrial production data and monitor a letter from the Federal Reserve Chairman Jerome Powell later in the day.
According to Coinbase, the cryptocurrency market may enter the bear period, with severe losses and stagnation. The Bitcoin slice is launched without its average average medium for 200 days in the encrypted winter.
