The key reason for the long-awaited growth of bitcoin has been named

Cryptocurrency exchange Bitstamp has recorded a jump in bitcoin BTC $58,203.50 Bitcoin -2.61% Market capitalization $1.15 trillion VOL. 24 hours $3.04 billion to its two-week high.

Over the past 24 hours, the flagship cryptocurrency has risen by almost 4%. Market experts believe that the latest increase in the price of BTC was due to the long-awaited speech by US Federal Reserve Chairman Jerome Powell, which will take place today, November 30, at the Brookings Institution.

At the Fed’s meeting, market players are going to outline the guidelines for the future monetary policy of the US central bank. Over the past few weeks, many Fed officials have said that the central bank could raise the interest rate by 50 basis points. The Fed’s aggressive monetary policy is considered to be the main reason for the collapse in cryptocurrency prices that the market has seen over the past two weeks.

Throughout the fall of 2022, the Fed’s rhetoric has caused a considerable amount of dissatisfaction among many American officials. For example, Massachusetts Democratic Senator Elizabeth Warren recently criticized the actions of the Federal Reserve and the statements on cryptocurrency regulation policy from the chairman of the department, Jerome Powell. The Fed chairman has repeatedly emphasized the need for proper regulation of DeFi due to the «conflict of interest» between the cryptocurrency sector and traditional finance.

Market experts are already divided into two camps in their opinions on the future of the crypto industry. Some of them predict rapid growth in the exchange rate of BTC and altcoins despite the tense geopolitical and difficult economic situation in the United States and the world at large. Other analysts predict a protracted crisis for the industry. Skeptics point out that the crypto winter will not go away in the next few years, and this will significantly affect the exchange rate of major cryptocurrencies.