Following a speech by Federal Reserve Chairman Jerome Powell, the cryptocurrency market experienced a downturn, with Bitcoin prices falling approximately 1.5% to around $88,300 shortly after his remarks and further declining to $88,000, a total drop of 3.2% over the past 24 hours. Powell indicated that the economy does not signal an urgent need for rate cuts, which has shifted expectations for the December meeting's rate cut chances from 83% to 62%. Traditional markets also showed a slight retreat in response to these comments, particularly the Nasdaq, which fell by 0.75%. Despite this, Bitcoin still maintains a substantial overall weekly gain of 15%, alongside notable rises in other cryptocurrencies like Cardano. The hawkish tone from Powell seems to have caused unease, impacting traders' sentiments in the crypto space, amid speculation over SEC Chair Gary Gensler’s future in light of political changes following the recent elections.

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