The impact of the conflicting statements from the Federal Reserve on cryptocurrency and stock market

According to Blockworks, cryptocurrencies fell on Friday while the stock market traded sideways. The reason is that the conflicting statements from the Federal Reserve have left traders confused about future trends. John Williams, President of the New York Federal Reserve Bank, presented a different view from investors on Friday. He refuted the belief that interest rate cuts are imminent, which the market has been anticipating since Fed Chairman Jerome Powell's press conference last Wednesday. In an interview with CNBC, he stated, "We're not really talking about cutting interest rates right now or even thinking about it too early." Nevertheless, analysts suggest that if we see interest rate cuts in the first quarter of 2024, it will trigger another round of adjustment for the US dollar.

Bitcoin (BTC) and Ethereum (ETH) both experienced a decline of approximately 3% on Friday afternoon after starting to pull back earlier this week. According to analysts' perspectives, this was expected.