[Bitcoin Now] "Hawkish" Powell Speech Shock Continues... "Cannot Rule Out Further Decline"

[Asia Economy Reporter Myung-hwan Lee] Bitcoin prices continue to weaken following the hawkish speech by Jerome Powell, Chair of the U.S. Federal Reserve (Fed), extending the decline from the previous day. Bitcoin prices have fallen below 27 million KRW.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 11 a.m. on the 29th, Bitcoin was priced at $19,657 (approximately 26.48 million KRW), down 1.90% from the previous day.

The decline appears to be a continuation of the impact from Powell's hawkish remarks at the Jackson Hole meeting on the 26th (local time). In his speech at Jackson Hole, Powell reaffirmed the tightening stance, stating, "We must maintain a restrictive stance for the time being," and warned, "Failing to stabilize prices will inevitably lead to greater pain."

Joe DiPascal, CEO of BitBull Capital, said, "Macroeconomic uncertainty is putting pressure on Bitcoin prices, and while the Personal Consumption Expenditures (PCE) index came out negatively, Powell's remarks reduced the possibility of easing tightening," adding, "The market is reacting negatively, and Bitcoin is testing the $20,000 level."

There is also an assessment that further declines in Bitcoin prices cannot be ruled out depending on the U.S. stock market situation. DiPascal CEO noted, "If the stock market falls further on the 29th, Bitcoin prices could decline further," and pointed out, "Depending on market conditions, Bitcoin may move between $15,000 and $20,000."

Investor sentiment has further frozen. According to cryptocurrency data provider Alternative, the Fear & Greed Index, which measures investor sentiment, dropped 4 points from the previous day to 24 points (extreme fear). This is an 18-point decrease compared to last month's 42 points (fear). Alternative's Fear & Greed Index ranges from 0 points, indicating extreme fear and pessimism about investing, to 100 points, indicating optimism.