Bitcoin Surges Above $84,000 Despite Fed’s Hawkish Stance and Stock Market Plunge

COINOTAG News reports that Federal Reserve Chair Jerome Powell has expressed concerns regarding the recent tariff increases that have surpassed market expectations. This warning suggests a dichotomy between contending with persistent inflation and addressing broader economic challenges. In light of this, Powell reiterated a cautious approach, emphasizing that interest rate cuts are not anticipated to stabilize a faltering market. Following his hawkish remarks, the U.S. stock market experienced significant declines, with the Nasdaq dropping by 3.07% and the S&P 500 seeing a 2.24% plummet. While the tech sector, including giants like Nvidia and Tesla, faced substantial losses, the crypto market displayed resilience; Bitcoin rebounded to $84,227 after a brief dip.

Despite overall gains in altcoins, market sentiment remains subdued as investors navigate potential economic uncertainties. In the foreign exchange market, the U.S. dollar index declined over 1%, influenced by new sanctions on Iranian oil exports, which resulted in a near 2% increase in crude oil prices. Additionally, spot gold prices surged nearly 3.5%, reaching record highs amidst the stock market downturn. While voices of dissent, including former President Trump, call for interest rate reductions, Powell’s statements have dampened these expectations. Current projections indicate an increased likelihood of maintaining rates, as evidenced by the CME FedWatch tool, which estimates an 83.2% chance of no changes in May. In this climate, eeee.com is offering a new USDT stablecoin product with an enticing 8% annualized return, allowing investors a strategic hedging opportunity against market volatility.