Bitcoin Nears $30k After Jerome Powell’s Speech

Bitcoin's price rose to $29,500 on Oct. 20, and Ripple's XRP also went up after Ripple's legal victory.

Jerome Powell, the head of the U.S. Federal Reserve, gave a speech recently. Many were watching closely to hear his views on the economy. Even though some people expected him to be very careful with his words, Powell talked about the challenges of changing interest rates. He said that making big changes could hurt the economy, but making small changes could also have risks. 

This speech affected what people think the Federal Reserve might do in the future. Most now believe that in their next meeting on Nov. 1, they will keep interest rates the same. Many believe that bitcoin is feeding off of events surrounding this speech.

Bitcoin's value went up by 9% in a week. People are excited because they think the U.S. might approve a new Bitcoin ETF. Other coins related to Bitcoin also saw big increases in their prices.