The cryptocurrency market is experiencing heightened volatility this Wednesday as traders await critical insights from Federal Reserve Chair Jerome Powell and the release of March’s retail sales data. [Insert image link or description]** Powell’s address to the Economic Club of Chicago on Wednesday promises to shed light on his economic outlook, with potential implications for interest rates, inflation control, and overall market direction. Investors are closely watching for any hints regarding future monetary policy, as these could influence the trajectory of all financial markets, including cryptocurrencies. A hawkish stance from Powell, suggesting continued high interest rates, might lead to short-term selling pressure on risk assets like cryptocurrencies. Conversely, if he adopts a dovish approach, with expectations of potential rate cuts, Bitcoin and other cryptocurrencies could rebound as traders hope for calmer financial conditions. [Include relevant details about the impact on markets, such as volatility levels]** The market awaits the next few days to see how much it will embrace risk during this period of uncertainty. Bitcoin and major cryptocurrencies saw a decline after Tuesday’s price surge. Bitcoin dropped over 3%, while XRP, Dogecoin, Cardano, and Chainlink all experienced declines exceeding 4%. Pi, Celestia, Bonk, Jasmy, and Flare also suffered significant losses. Meanwhile, the release of March’s retail sales data provided crucial insights into consumer spending habits during a time of economic and inflation uncertainty. Dow Jones economists anticipate an increase of 1.2% from the previous month, indicating potential resilience in consumer demand. **[Include specific information about the market response to the retail sales data]** In addition to these key reports, investors will also monitor industrial production data and await Powell’s speech later in the day. Coinbase Institutional has noted a possible bearish trend in the cryptocurrency market, with predictions of significant losses and a period of stagnation. Bitcoin’s drop below its 200-day simple moving average signifies a potential crypto winter is approaching.** [Include relevant details about the impact on markets] Read the original article on U.Today**