Bitcoin May Have Hit a Floor After Powell's Speech

$Bitcoin (BTC.CC)$ quivered but didn’t fold after Jerome Powell signaled higher-for-longer interest rates to fight inflation, a pattern that for brave prognosticators could be a hint of a floor for the digital token.
The largest cryptocurrency is down about 6% since Powell’s hawkish Aug. 26 Jackson Hole speech underlined that the Federal Reserve wants to subdue financial markets as part of a push to curb economic activity and contain price pressures.
That’s a smaller drop than traders are conditioned to expect in a volatile asset. It’s roughly in line with the rout in the tech-heavy Nasdaq 100 index over the period, whereas in the past Bitcoin losses have sometimes been orders of magnitude above the weakness in traditional assets during times of stress.
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