Bitcoin briefly falls below $95,000 following Powell's remarks

The leading cryptocurrency Bitcoin fell below the $95,000 mark at one point on the 11th (local time).

According to the US cryptocurrency exchange Coinbase, at 6:17 PM Eastern Time (3:17 PM Pacific Time) on that day, the price of one Bitcoin was traded at $95,635 (13,890,000 KRW), down 1.77% from 24 hours earlier.

Bitcoin, which had been trading in the $98,000 range the previous day, dropped to as low as the $94,800 range on this day, falling below the $95,000 level. This is the first time in eight days since the 3rd that the price has fallen below $95,000.

On this day, the price declined after Jerome Powell, chairman of the US central bank Federal Reserve (Fed), reaffirmed his previous stance that "there is no need to rush to cut interest rates."

At the Federal Senate hearing held that day, Chairman Powell stated, "The current monetary policy stance of the Fed has become significantly less restrictive than before, and the economy remains strong," adding, "We do not need to rush to adjust the policy stance."

This content was produced with the assistance of AI translation services.