Bitcoin, Ethereum Sink on Freaky Fed Friday

The Federal Reserve Chairman, Jay Powell took the podium in Jackson Hole during this week's quarterly

[{"selector":"#anim-ea796c07-7f41-41a9-813a-1a99829f90de [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

His comments on interest rates and future hikes sent markets into a tailspin

[{"selector":"#anim-d3bf1794-ab34-45d7-b4de-5c58f37874f3 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-7.105427357601002e-15%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

as investors prepare for an era of higher borrowing costs to come

[{"selector":"#anim-5c225fc7-2a57-48c4-b59b-892819bbdac3 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

The crypto market was caught off guard by a sudden decrease in prices that began on Friday

[{"selector":"#anim-f43e4bec-dc8f-4098-ad91-008ef93fa0b9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(28.90624987200394%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

By Sunday, the leading cryptocurrency had fallen 4% from its Thursday high—and it's still falling as we speak!

[{"selector":"#anim-435dbc29-e084-4bbc-bd6b-924eb367a4c4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

This is because he said they will keep raising interest rates as long as it takes to combat inflation

[{"selector":"#anim-712efdf0-6dd2-4eb3-8b7d-b772fa98c8b2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

cryptocurrencies are in a losing streak, except for Cardano (ADA), which anticipation hard fork coming next month

[{"selector":"#anim-a4d556e9-771f-4a96-8b22-0ed691dcc73a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.21462252752049%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Bitcoin's value has dropped 5% over the last week while Ethereum and Solana have also seen significant drops

[{"selector":"#anim-61280708-a45b-46a4-8834-71ff943e9955 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

lately with 10%. Dogecoin is still going strong at 8%, but most others saw double digit percentage losses

[{"selector":"#anim-cdd176a8-0fca-4fde-84ec-43e7891f96ee [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Ethereum supporters still have high hopes that the upcoming merge event will pump ETH.

[{"selector":"#anim-f6071045-3e5e-4dca-81e4-9479b3a89fe5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]