Why Bitcoin, Ethereum, and Dogecoin Are Heading Lower Today Despite Powell’s ‘Very Very Good’ Remarks On Inflation

Published

2 years ago

September 21, 2023

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Major cryptocurrencies experienced a significant decrease in value on Wednesday evening, following hawkish remarks made by Fed Chair Jerome Powell during a press conference.Bitcoin, Ethereum, Dogecoin Price TodayCryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)Bitcoin BTC/USD -1.00%$27,019Ethereum ETH/USD -1.84%$1,616Dogecoin DOGE/USD -0.71%$0.062

The Federal Reserve decided to maintain its current monetary policy on Wednesday, keeping the range for its benchmark interest rate unchanged at 5.25% to 5.50%.

Furthermore, Fed officials have revised their projections for next year, indicating a higher expected interest rate of around 5.1%, compared to the previous estimate of 4.3% in June. This increase reflects their anticipation of stronger economic growth. They now expect a 2.1% real GDP increase for this year, as opposed to the 1% forecasted in June.

Powell, expressed that a majority of committee members view another rate hike as appropriate during the remaining two Federal Open Market Committee (FOMC) meetings, to align with the Feds objectives. Powell also noted that recent inflation trends have been encouraging, describing the last three months readings as very, very good.

The next FOMC policy meeting is scheduled to take place in early November.

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Top Gainer (24 Hour)CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)Immutable+24.98%$0.6825Astar+9.53%$0.05659Aave+6.16%$65.77

Currently, the global crypto market capitalization stands at $1.07 trillion, a 0.51% decrease in the last day.

Stocks slipped on Wednesday following the announcement from the Federal Reserve that it would keep interest rates unchanged for now while hinting at a potential future increase. The S&P 500 experienced a decline of 0.94% to close at 4,402.20, while the Nasdaq Composite slid 1.53% to 13,469.13. Notably, Microsofts MSFT stock decreased by over 2%, while Nvidia NVDA and Google-parent Alphabet GOOGL both saw approximately 3% declines.

See More: Best Cryptocurrency ScannersAnalyst Notes

According to crypto analyst Michael Van de Poppe, it is unlikely that the FED will raise interest rates. He predicts that the current hiking policy may come to an end.

"Bitcoin is likely to start trending up from here (yes, a fakeout usually happens at the news)."

Breaking news:

No rate hike from the FED.

My best guess: we’re done with the hiking policy. #Bitcoin is likely to start trending up from here (yes, a fakeout usually happens at the news). Michal van de Poppe (@CryptoMichNL) September 20, 2023

In another post, he said Bitcoin holds a crucial level at $26,700-26,800 and rallies further. "This is strong and looks like weve got a continuation of the uptrend here. New range established, new uptrend, new altcoins breaking out."

Crypto analyst Benjamin Cowen said there is a possibility that Ethereum dominance may decrease over the next few months.

"Maybe it follows the pattern of BTC dominance. Namely, lower highs (which everyone loves to point out), but also higher lows," he tweeted.

Data from Santiment, an on-chain analytics firm, reveals that the Federal Reserve has decided to maintain interest rates at the recent FOMC meeting. However, they have indicated a possibility of future rate hikes. In the midst of this, the crypto market has remained resilient, despite the S&P 500 dropping to a 4-week low. This break in correlation is a promising sign. Bitcoin traders are showing an aggressive increase in short positions on both Deribit and Binance, leading to the likelihood of potential liquidations that could boost prices. Since the surge in shorting activity last week, BTCs price has already increased by 4%. This trend is likely to continue.

? #Bitcoin traders are aggressively shorting on both #Deribit and #Binance, making potential liquidations more likely to boost prices. $BTC’s price is +4% since the increase in shorting began to appear last week. This has a good probability of continuing. https://t.co/c8eTpAxIoP pic.twitter.com/8REpjp2rtx Santiment (@santimentfeed) September 20, 2023

Photo by Wit Olszewski on Shutterstock

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users

Politics

Crypto rules for mortgages must reflect self-custody reality

Published

35 mins ago

July 19, 2025

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Crypto rules for mortgages must reflect self-custody reality

The FHFA directive on crypto in mortgage risk assessments risks excluding self-custodied assets, potentially increasing counterparty risk for homebuyers.

Technology

Nvidia CEO Jensen Huang sells an additional $12.94 million worth of shares

Published

2 hours ago

July 19, 2025

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Nvidia CEO Jensen Huang sells an additional .94 million worth of shares

Jensen Huang, co-founder and CEO of Nvidia Corp., speaks during a news conference in Taipei on May 21, 2025.

I-hwa Cheng | Afp | Getty Images

Nvidia CEO Jensen Huang sold 75,000 shares on Friday, valued at about $12.94 million, according to a filing with the U.S. Securities and Exchange Commission.

Friday’s sale is part of a plan adopted in March for Huang to sell up to 6 million shares of the leading artificial intelligence company. Earlier this week, Huang sold 225,000 shares of the chipmaker, totaling about $37 million, according to a separate SEC filing. The CEO began trading stock per the plan last month.

Surging demand for AI and the graphics processing units that power large language models has significantly boosted Huang’s net worth and pushed Nvidia’s market capitalization beyond $4 trillion, making it the world’s most valuable company.

Nvidia announced this week that it expects to resume sales of its H20 chips to China soon, following signals from the Trump administration that it would approve export licenses. Earlier this year, U.S. officials had stated that Nvidia would require special permission to ship the chips, which are specifically designed for the Chinese market.

“The U.S. government has assured NVIDIA that licenses will be granted, and NVIDIA hopes to start deliveries soon,” the company said in a statement on Tuesday. Huang said during a news conference on Wednesday in Beijing that he wants to sell chips more advanced than the H20 to China at some point.

Science

Hubble Uncovers Multi-Age Stars in Ancient Cluster, Reshaping Galaxy Origins

Published

2 hours ago

July 19, 2025

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Hubble Uncovers Multi-Age Stars in Ancient Cluster, Reshaping Galaxy Origins

Astronomers call ancient star clusters like NGC 1786 “time capsules” for their galaxy, preserving some of its oldest stars. A new image from NASA’s Hubble Space Telescope offers an unprecedented close-up of this dense cluster 160,000 light-years away in the Large Magellanic Cloud. Hubble’s data show that NGC 1786 contains stars of different ages – a surprising find, since such clusters were once thought to hold a single stellar generation. This multi-age discovery is reshaping our view of how galaxies built their first stars, and suggests more complex early history.

Mixed-Age Stars in a Galactic Time Capsule

According to the official source, this Hubble image shows the globular cluster NGC 1786, a ball of densely packed stars in the Large Magellanic Cloud about 160,000 light-years from Earth. Astronomers captured this picture as part of a program comparing ancient clusters in nearby dwarf galaxies (like the LMC) with clusters in our own Milky Way. The surprising discovery is that NGC 1786 hosts stars of multiple ages. In fact, astronomers expected all stars in such a cluster to form at the same time, so finding multiple stellar generations was unexpected. This suggests even ancient clusters in other galaxies have more complex, layered histories than scientists expected.

Clues to Galaxy Evolution

For astronomers, the discovery provides clues to galaxy formation. Each globular cluster is like a snapshot of its galaxy’s past, so finding multiple stellar generations implies the Large Magellanic Cloud built its stars in stages rather than all at once. By comparing NGC 1786 to clusters in the Milky Way, researchers can retrace how both galaxies assembled their oldest stars. As one NASA scientist notes, this study “can tell us more not only about how the LMC was originally formed, but the Milky Way Galaxy, too”. Overall, the discovery supports a picture of gradual galactic growth through multiple waves of star formation and mergers, rather than a single early burst.