Ethereum tumbles 3% as risk appetite wobbles
Economies.com
2024-04-17 21:21PM UTC
Most cryptocurrencies declined on Wednesday as risk appetite took a hit following remarks by Fed Cair Jerome Powell.
Fed Chair Jerome Powell said in a symposium earlier this week that inflation has stiffened and held its place during the first quarter, raising doubts about the prospects of interest rate cuts in 2024.
Powell added that it’s clear that recent inflation data didn’t give the Fed enough confidence that inflation is heading towards the target, and it could take longer than expected.
He said recent data showed strong economic growth and labor momentum, but little progress in bringing inflation towards 2%.
Ethereum
Ethereum fell 2.8% as of 21:18 GMT on the CoinMarketCap platform to $3009.
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