InstaForex

November 26, 2021

Crypto Markets In Danger If Powell Remains Fed Chairman?

 The crypto investor who is also the owner of Galaxy Digital thinks the reappointment of Jerome Powell as Fed chairman for a second term will hurt the crypto market.


"The presence of Jerome Powell endangers the crypto market" - Mike Novogratz.


Based on his observations since Powell's appointment, the majority of crypto investors have begun to expect bearish and changes to the "macro story" aspect or simply known as the broader scope of the crypto market.


Novogratz also believes the Fed will take swift action in raising interest rates, again the situation in the United States (US) is facing devastating inflation.


This means that the movement of all assets will be slow, including the Nasdaq and the crypto market.



For the record, the US experienced its first highest inflation in 30 years.


As a result, an increase of 6.2% per year has affected the whole world, especially the 39 countries bearing high inflation year on year.


Not only that, Novogratz believes Powell will be more aggressive with his cops. So far, the Fed chairman has been more attentive to monetary policy developments.


However, the position of the crypto market is still positive with the presence of a dumping of institutional investors who are actively joining this space.


Novogratz previously predicted that the price of Bitcoin (BTC) will reach $ 100,000 by the end of 2021.


But looking at the price of Bitcoin which was still critically at the $ 57,091 level at the time this article was written, it may be a bit difficult for that prediction to come true.