On Friday, the crypto markets remained relatively stable while stocks experienced a significant decline following remarks by U.S. Federal Reserve Chairman Jerome Powell indicating a cautious approach to monetary policy.
Powell, speaking at a conference in Virginia, expressed concerns about the uncertain economic outlook and highlighted the risks of both increased unemployment and inflation in the U.S. economy.
While refraining from commenting on specific policy choices, Powell did address the potential impacts of President Donald Trump’s recent tariff measures, warning of potential consequences such as higher inflation and slower economic growth.
Trump’s executive order imposing tariffs on imported goods, including a 10% baseline tariff and reciprocal tariffs on specific countries, caused market turbulence with the overall crypto market cap dropping by 1.2% according to CoinGecko.
Stocks fared even worse, with the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all experiencing significant declines.
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Image Credit: Midjourney
