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Investing.com — European stock markets traded in a subdued fashion Wednesday, as investors awaited comments from Fed Chair Jerome Powell while digesting more quarterly corporate earnings.

Wall Street Journal chief economics correspondent Nick Timiraos says the balance of risks have been shifting for the Federal Reserve on 'The Claman Countdown.'

Jerome Powell (pictured), chair of the US Federal Reserve

Potomac Wealth Advisors President Mark Avallone discusses whether the stock market rally will last after CPI data showed inflation slowed again in June on «Varney & Co.»

Piper Sandler Chief Global Economist Nancy Lazar explains why the economy will get worse before it gets better on ‘Maria Bartiromo’s Wall Street.’

Speaking at an annual conference of central bankers at Jackson Hole, the Chairman of the US Federal Reserve Jerome Powell left the door open to the possibility of further interest rate hikes in the US, triggering some short-lived sell pressure in the crypto market.

This week on The Market Report, the resident experts at Cointelegraph discuss what artificial intelligence (AI) altcoins are, what their potential benefits are, how they work, and whether they can be a catalyst for a 2023 bull market.

Bitcoin (BTC) starts a new week on a promising footing with BTC price action near one-month highs — can it last?

Bitcoin, the leading cryptocurrency, struggled to break above the $17,250 level on December 2, and it is now heading lower to $16,900. Similarly, Ethereum, the second-most valuable cryptocurrency, has fallen after being rejected at the $1,300 level and is currently consolidating near $1,275.

The largest token was trading at 19,999 at 22.30 IST Sunday. That's after a two-day drop of 7.6%, moving in tandem with US stocks on Friday after Fed Chair Jerome Powell's speech at the Jackson Hole conference. The wider crypto market retreated Sunday, with the MVIS CryptoCompare Digital Assets 100 Index dropping 1% in its fourth straight day of declines. «Money is flowing out of risky assets. Crypto followed the sharp adjustment of the US stock market,» after Powell's remarks, said Cici Lu, CEO at Venn Link Partners. «Markets didn't like what he had to say and Bitcoin is resuming as a high-beta asset.» The $20,000 level acted as support for Bitcoin when it hit lows in recent months, but the cryptocurrency had worked its way higher in recent weeks. Before Saturday, it hadn't been below $20,000 since July 14, and had even crossed above $25,000 earlier in August.

Fed Chair Jerome Powell said on Friday, weighing in with generally positive remarks on a hot-button topic at the central bank that has left policymakers divided. «A U.S. CBDC (central bank digital currency) could… potentially help maintain the dollar's international standing,» Powell said in introductory remarks to a research conference held by the central bank on the international roles of the dollar. The Fed has just finished a four-month public consultation period soliciting opinions on the idea of a digital dollar. Fed Vice Chair Lael Brainard has emerged as a key supporter while Fed Governor Chris Waller has made the case against.