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Cryptocurrency traders await Powell’s speech

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TL;DR

  • Cryptocurrency enthusiasts anticipate Powell’s speech
  • Cryptocurrency traders look for signals from Powell.
  • Powell previously warned that digital currencies will arrive sooner than expected.

Cryptocurrency enthusiasts anticipate Powell’s speech that will be delivered today.

The International Monetary Fund’s yearly meeting commenced last week and is still in progress. Several prominent figures in the central banking industry are set to speak later today. In addition to Jay Powell, they include various ECB officers and ECB president Christine Lagarde and the Bank of England’s deputy governor Jon Cunliffe, who will make two appearances this afternoon.

Powell is expected to be at a panel concerning cross-border payments and online currencies. Bitcoin and other cryptocurrency traders anticipate signals from Powell at the panel, including Agustín Carstens, the general manager of the Bank for International Settlements.

Powell’s speech earlier in the year

Powell’s speech in February on the potential influence of online currencies shot the Bitcoin price higher. Bitcoin’s price has increased to $11,400 after being supported by Twitter founder Jack Dorsey’s payments company Square, which bought $50 million of Bitcoin earlier this month.

Powell said Facebook’s libra, a digital currency plan that was judged unsafe by leading central banks last year, was a “wake-up call” that a digital currency could arrive sooner than anticipated and in a way that is “quite widespread and systematically important.”

Today, onlookers will examine the speeches for any signs that interest rates will go negative. Howard Davies, the chairman of Natwest, says that Britain’s financial institutions are not ready for negative rates due to technical and contractual issues.

The Federal Reserve System functions as a central bank. It offers financial policy by influencing credit conditions and controlling financial companies. Jay Powell was appointed as Chair of the Board of Governors of the Federal Reserve System on 5th February 2018, for a four-year term.

The panel will be broadcasted by the IMF.          

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Martha Gardiner

Martha is a freelance writer who has experience writing about financial topics, health, lifestyle, fashion and beauty. She also has experience in course writing and CV writing. Martha loves to read and is very fond of animals.

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