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Bitcoin Is Braced For A Bombshell From Fed Chairman Jerome Powell

Bitcoin and cryptocurrency traders are searching for direction, with the market more-or-less treading water since the summer.

The bitcoin price, hovering around $11,400 per bitcoin, has been trading broadly in line with equity markets in recent months—with groundbreaking announcements, including payments company Square SQ buying $50 million worth of bitcoin, failing to much move the market.

Now, bitcoin investors might get the signal they've been waiting for, with Federal Reserve chairman Jerome Powell due to speak as part of a panel on cross-border payments and digital currencies at the International Monetary Fund’s (IMF) annual meeting.

MORE FROM FORBESFormer Facebook Exec: Bitcoin Is An 'Insurance Policy' Against The FedBy Billy Bambrough US Federal Reserve Chairman Jerome Powell is expected to discuss "the benefits and risks of ... [+] cross-border" digital currencies such as bitcoin, central bank digital currencies, and private digital currencies such as Facebook's libra. AFP via Getty Images

The live-streamed panel, starting at 8am EDT on Monday, October 19, will discuss "the benefits and risks of cross-border" digital currencies as well as their policy implications, the IMF announced late last week.

"This IMF webcast is highly anticipated in the crypto community and the chairman's attendance speaks volumes to it's importance in traditional finance," Mati Greenspan, the founder of market analysis firm Quantum Economics, said via Telegram, adding: "Central bank digital currencies (CBDCs) have increasingly been on the minds and lips of those who govern our money for obvious reasons."

"I will definitely be paying attention," bitcoin and crypto trader Scott Melker said via Twitter.

Joining Fed chair Powell on the panel will be the general manager of the Bank for International Settlements, Agustín Carstens; Nor Shamsiah, governor of Bank Negara Malaysia, and the...

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