Bitcoin Price Drops As Investors Await Powell Speech, Payroll Data

Key points:

• Bitcoin price drops 2.07% to $64,392, while ether dipped 1.69% to $2,624, losing momentum after last week’s bull run.
• Investors are now looking to the upcoming Monday speech from Fed Chair Jerome Powell and the non-farm payroll data set to be released on Friday, both of which have the potential to move the market.

Bitcoin price drops 2.07% to $64,392, with Ether also dipping 1.69%, as investors await Fed Chair Powell’s speech and upcoming U.S. non-farm payroll data this week. 

Bitcoin Price Drops Amid Market Caution Ahead of Fed Speech

Bitcoin was down 2.07% at $64,392 after last week’s rally. Fed Chair Jerome Powell, who may influence market sentiment, investors now await to speak this week, according to The Block.

U.S. non-farm payroll data out on Friday will also likely have a significant impact on the price action of Bitcoin, with any positive surprises buoying so-called risk-on assets like crypto.

Read more: China Urged To Rethink Crypto Policy As US Leads Bitcoin ETFs

Bitcoin and Ethereum Prices Fall as Investors Await Powell’s Speech

Bitcoin and Ethereum retreated from their gains as investors positioned for a speech by Fed Chair Powell on inflation and interest rates that could result in market volatility.

Crypto markets also await the non-farm payroll report later this week on Friday, which could be another indicator of the route the U.S. economy will take and its probable impact on Bitcoin.