Market Wrap: Bitcoin Settles Around $47K After Biggest 2-Day Rout in 11 Months
Bitcoin's price has declined 20% since Sunday.
Bitcoin’s increasing reliance on purchase announcements for short rallies may not be an entirely healthy trend.
Bitcoin prices quadrupled last year and have rallied 66% this year on speculation the cryptocurrency could serve as an inflation hedge.
The Fed chairman spoke at a virtual payments conference hosted by the Basel Committee on Banking Supervision.
“This is going to be an important year,” Powell said of the digital dollar project.
"The economic recovery remains uneven and far from complete, and the path ahead is highly uncertain," the Fed chairman said.