Stephen Miran, the Federal Reserve Governor, has stated that a weaker dollar is not an issue for the central bank – further adding that Trump’s tariff policies have affected foreigners & not Americans. Miran’s statements come at a time when crypto prices have shown stagnation over 24 hours.
More dips in BTC price are anticipated, which could possibly trigger a decline across the crypto market.
Fed Governor on Dollar
Federal Reserve Governor Stephen Miran has clarified that a weaker US Dollar is not a central issue for the bank, given that it has yet to show material consequences for monetary policy. It was earlier speculated that the dollar getting weaker could pose a significant challenge, or, from the perspective of the crypto market, it could challenge stability to some extent.
His statement was noted by Reuters while reporting about his appearance at the Boston University Questrom School of Business.
Miran, in a different statement, contradicted a general opinion pertaining to Trump’s tariff policies. He clarified that Americans were not paying the impact of tariffs, underlining that the burden was actually being felt by a foreign company’s US subsidiaries.
This contradicts the opinion that increased tariffs have added to the final costs, which are ultimately being paid by them. The Fed Governor has stated that revenues from tariffs would eventually reduce the primary deficit.
Crypto Prices Over 24 Hours
Crypto prices have declined in the last 24 hours, but the change seems to be within a specific range. For instance, BTC price dropped by 1.06%, but remained between $69k and $72k, currently trading at $69,207.50. Similarly, ETH price lost 1.48% of its value but traded between $2k and $2.1k, listed at $2,022.24 when the article was being drafted.
Overall, the collective market cap has slipped by 0.60% to $2.36 trillion with an FGI of 10 points. Stephen Miran’s statements have done little for the crypto prices in a single day. Investors are still on edge ahead of the rollout of critical inflation and employment data.
What’s Next for Cryptocurrencies?
There is a chance for cryptocurrencies to record dips in the days to come. Ash Crypto, a notable analyst, has forecasted a bottom between $45k and $55k. This aligns with an earlier projection by Kalshi Traders, estimating a drop below $45k with a 50% chance.
If true, then BTC price plunging could trigger a slowdown across the sector for several cryptos, including, but not limited to, ETH, XRP, and BNB. It is, therefore, important to do research and risk assessment before crypto investments.
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