The global financial markets took a tumble on November 30 when comments by Jerome Powell, the Chair of the U.S. Federal Reserve, suggested that inflation and Omicron COVID-19 were growing threats. He also hinted that easy money policies at the bank could be ending sooner than expected.

Before Powell’s remarks,BTC() had been rising and the digital asset had rallied 66% from an early trading hour on Nov.30 to an intraday peak at $59,000. However, after Fed remarks, price fell below $57,000.