"If investors are dizzy with Powell's statement, the crypto market is also dizzy."
The cryptocurrency market saw mixed volatility after Federal Reserve (Fed) Chairman Jerome Powell answered all macroeconomic questions related to the United States (US) at the Washington Economic Club early this morning.
The overall crypto market jumped 0.66% with a market capitalization of $1.08 trillion while the S&P 500 rose almost 0.65%.
Added to this, Bitcoin (BTC) surged by 2.30% to reach the price level of $23,335 in the last 24 hours while the second largest crypto Ethereum (ETH) gained around 3.78% past the $1,684 zone.
Even so, the price of BTC, ETH, Ripple (XRP), Solana (SOL), Dogecoin (DOGE), Chainlink (LINK), Shiba Inu (SHIB), Optimism (OPT), Terra (LUNA) and Quant (QNT) decreased slightly after Powell finished his speech.
Stock markets also saw declines when Powell said inflation was expected to ease, with the S&P 500 plunging 0.3% and the Nasdaq Composite losing around 0.2%.
Powell also said interest rates could rise further after being asked by Carlyle Group co-founder David Rubenstein about last Friday's jobs report which saw an increase of 517,000 in January.
When talking about the current state of the US, Powell said the country's economy is still not encouraging but still shows strong momentum.
