Ethereum, the second largest digital currency, is slightly inferior. At the time of writing, its transaction price was about US $1584,82.

The Federal Reserve has raised interest rates several times this year to combat inflation, which is currently at its highest level in 40 years.

The Federal Reserve Bank of Kansas City hosted dozens of Federal Reserve chairmen, leaders, experts, scholars and economists at this year's national economic policy seminar held in Jackson Hole,Reassess economic and policy constraints

Powell made a speech there on Thursday. He said that he would keep his speech short and make it smaller, "The human capital market is likely to soften. Although the relatively high annual interest rate and the relatively slow growth of the soft labor market will also reduce inflation, they can also bring some pain to families and enterprises. This is the unfortunate cost of reducing inflation. But the failure to restore price stability will represent more pain."

The global stock market index reacted strongly to this news, but its harm was more obvious in the cryptocurrency market. Other key cryptocurrencies Solana and avalanche have also fallen 13% and 20% respectively in the past seven days.

However, the market dominance of bitcoin remains very stable. It once again holds more than 39% market share in all cryptocurrency markets, while Ethereum holds nearly 19% market share.