The Federal Reserve chairman Jerome Powell, who confirmed that interest rates would rise in 2022 as well as a slowing of bond purchases since March 2020 when the coronavirus was first discovered in the cryptocurrency market, caused investor sentiment and cryptocurrency prices to reverse course.

After the announcement was made,BTCThe () price gained 1.65%, taking it to $49,000. Ether also climbed above $4,000. Altcoins also followed the trend with double-digit gains. It appears that bulls are now in control.