The price of both Bitcoin and gold drop after Federal Reserve chair Jerome Powell's Jackson Hole ... [+] speech. AFP via Getty ImagesThree key reasons could have led to the sell-off in the Bitcoin market following the speech. That means the inflation rate would average out to 2% over time, and it might temporarily increase over certain periods. Before the speech, some strategists also said that the market might not believe the Fed pushes the inflation rate higher. Bitcoin And Gold Were Already ConsolidatingPrior to the speech, Bitcoin and gold were consolidating after seeing explosive rallies throughout July and August.

Source: Forbes August 27, 2020 21:11 UTC