Cardano Founder Speaks on Cause of Crypto Market Crash ADA Down 8%

Markets tumbled on Friday after Fed Chairman Jerome Powell promised that the central bank would use its tools more forcefully to tackle inflation, which is still hovering around the highest level in more than 40 years.

In his annual Jackson Hole policy speech, Powell emphasized that high interest rates are likely to last for some time and that the historical record strongly warns against premature policy easing.

The comments came amid indications that inflation had peaked but was not yet clearly abating. As Powell said, the Fed will not be swayed by a month or two of data.