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Bitcoin 
$101,058 price fell to $84,000 following Powell’s speech, as the Fed opts for a cautious approach. In last-minute comments, Powell expressed that they haven’t reached the end of balance sheet reduction, disappointing those eagerly seeking signals about quantitative tightening (QT). However, his remarks regarding cryptocurrency were notably positive.
Powell’s Comments on Cryptocurrency
In his speech today, Powell discussed cryptocurrencies, a topic he had not included in his prepared remarks. Since Trump’s administration, the previous policy of banks steering clear of crypto has diminished. Additionally, we have witnessed concrete steps taken towards a crypto reserve as the SEC ends its war on cryptocurrencies.
Aligned with the government’s shift in attitude, Powell made more moderate and even supportive comments about cryptocurrencies.
“I believe there will be a relaxation of banking regulations concerning crypto. Crypto is becoming more mainstream. A legal framework for stablecoins is a good idea. While there will be relaxations in stablecoin regulations to allow innovation, we will not make banks less safe.
Technological innovations will not replace human labor in the long run. Artificial intelligence is likely to bring dramatic changes. It’s uncertain how it will play out.”
Furthermore, Powell likened the current economic outlook to pre-2020 conditions, mentioning, “We have not experienced such tariff rates before,” thereby confirming a lack of substantial ideas about future actions.
Current State of Cryptocurrencies
The ongoing tensions between China and the US are fueling concerns in the risk markets. This situation has exerted substantial pressure, especially on altcoins. Meanwhile, while Bitcoin remains relatively strong, Ethereum 
$2,049 and others have weakened, indicating that Bitcoin’s dominance is moving toward peaks experienced in previous bull seasons.
This is somewhat positive because the rising area for BTCD is quite limited under today’s conditions, considering the abundance of altcoins. This leads to expectations that a peak point may soon be established, potentially ushering in the anticipated upward phase for altcoins.
As of the article’s writing, Ford stated that if tariffs continue, they might raise vehicle prices at dealerships in May, indicating a concerning trend for global inflation.
