It's hardly a blip on the charts after the major run higher following the election of Donald Trump, but crypto markets did turn somewhat lower late in the U.S. trading day Thursday after a speech from Federal Reserve Chairman Jerome Powell.
"The economy is not sending any signals that we need to be in a hurry to lower rates," said Powell in prepared remarks at a Dallas conference. "The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully."
The price of bitcoin (BTC) fell about 1.5% to $88,300 in the minutes following Powell's comments. The price at press time had dipped a bit further to $88,000, down 3.2% over the past 24 hours. Ether (ETH) is down by a similar amount. The broader CoinDesk 20 Index, however, is up 0.5% over the same time frame. It's being led by a 13% advance for Ripple's (XRP), perhaps cheered by remarks from Securities and Exchange Commission Chair Gary Gensler which could be interpreted as his planning to quietly exit his job in wake of the Trump victory.
Just a few hours ago thought to be a certain thing, the chances of a Fed rate cut at its next meeting in mid-December have fallen to 62% in the wake of Powell's speech, according to CME FedWatch. One day ago, those chances stood at 83%.
Also on a tear of late, traditional markets pulled back a bit on the hawkish tone, led by the Nasdaq's 0.75% decline to a session low just a few minutes before the close of the trading day.
