Powell's FOMC press conference pours 'cold water' on Trump's roadmap
"The Fed cannot and will not hold BTC in the future"
Cryptocurrency market fails to recoup losses despite afternoon rebound
Federal Reserve (Fed) Chairman Jerome Powell's remarks at the Federal Open Market Committee (FOMC) press conference on the 19th poured 'cold water' on the 'crypto dream' that had been inflated by President-elect Trump, causing the cryptocurrency market, including , to decline.
At the press conference following the FOMC meeting, Powell announced a 0.25%p rate cut, but along with the outlook for a reduction in rate cuts next year, he poured cold water on President-elect Trump's roadmap, which had promised to strategize as an asset.
When asked about plans to accumulate as a strategic asset, Powell said, "The Fed is not allowed to hold by law" and "will not pursue a change in the law." This directly refuted President-elect Trump's plan to strengthen the U.S. economy through .
In response to Powell's remarks, , which had been setting new highs with the 'Trump power', fell about 5%, breaking the $100,000 level, and major altcoins recorded a decline of more than 5%.
The and cryptocurrency market, which plummeted in the morning of the 19th, rebounded in the afternoon due to inflows of buying pressure. As of 1:50 pm on the 19th, based on CoinMarketCap, recorded $100,828. Despite the afternoon rebound, major altcoins such as , , and failed to recoup the losses incurred in the morning.