Bitcoin Price Fluctuates Following Fed Chair’s Comments on Cryptocurrency Regulation

Federal Reserve Chairman Jerome Powell addressed the topic of cryptocurrencies and stablecoins during a speech at the Chicago Economic Club, sparking volatility in the price of Bitcoin. In his statements, he advocated for a legal framework for stablecoins, highlighted their potential for broad appeal, and suggested a partial easing of bank regulations on cryptocurrency businesses. The Fed Chair also cautioned about the potential influence of artificial intelligence on the economy but stressed its current infancy. These remarks have significantly impacted Bitcoin’s price.