Jerome Powell

2 days ago Jerome Powell stated that the Federal Reserve won’t have anything to do with Bitcoin, when he was asked about a possible Strategic Bitcoin Reserve.

Of course Jerome Powell said the Fed wasn’t interested. He is not a Crypto advocate.

But apparently this was enough to create the biggest crypto dip in almost 2 years. A lot of people didn’t like those words and during his speech alone Bitcoin dropped 7 %!

Weak hands

After such an upwards run, a lot of weak hands are in the market, and those get shaken out during such dumps. Which is a good thing for crypto in the long run.

Because nobody wants weak hands holding crypto! We want diamond hands, long term hodlers. And that surely helped yesterday.

Sincerely,

Pele23

Posted Using InLeo Alpha