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Home Latest News Market Bitcoin and altcoins correct after Yellen’s "illicit financing" criticism

Bitcoin and altcoins correct after Yellen’s “illicit financing” criticism

The critical comments by Janet Yellen about cryptocurrencies put a damper on the broader market just as the price of Ethereum hit a new all-time high.

Ether went through a bullish breakout on Tuesday that pushed the price to a new all-time high at $1,428.

Although the move could have been technical, Etheruem’s foundation continue to strengthen as there is now $3.8 billion worth of ETH locked on the Eth2 blockchain less than one month since it launched.

The dramatic price surge has obviously drawn the interest of pro traders, but Marcel Pechman, Cointelegraph analyst, warns that a strong increase in short positions has also followed Ether’s rise to a new high.

According to cointelegraph.com, the break of Ether to a new high has no effects on the price of Bitcoin, and it seems that skeptical statements from former U.S. The chairman of the Federal Reserve, Janet Yellen, has had a negative impact on today’s broader market.

Yellen, who was appointed Treasury Secretary for President-Elect Biden, said that cryptocurrencies are being used “mainly for illicit financing.” During a hearing with the Sentate Finance Committee, she issued the comments and also proposed massive fiscal stimulus by urging Congress to “act big” when it comes to supporting the ailing U.S. economy.

In comparison to the crypto market, traditional markets finished the day with strength as Wall Street perceived Yellen’s call for additional economic stimulus as an optimistic one. Following Yellen’s comments, the S&P 500, Dow and NASDAQ both finished the trading day off strong, finishing 0.81 percent, 0.38 percent, and 1.5 percent respectively.

Given the negative view shared by Yellen, promising developments helped push higher select altcoin values for multiple blockchain ventures.

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