WATCH: Fed Chair Powell Lays Out Plan to Let Inflation Rise Above 2% for a While

Federal Reserve Chairman Jerome Powell announced measures to control inflation at his annual speech on the U.S. central bank's policy approach during the Jackson Hole symposium Thursday.

CoinDesk First Mover Editor Bradley Keoun writes that Powell's speech can have long-term implications on both bitcoin and ether, given the dollar's relatively precarious position in the global financial system compared to a year ago, as well as a short-term impact on the price of both cryptocurrencies.

Crypto traders will be looking to the thesis that bitcoin and other digital assets can act as a hedge against the dollar's weakening, but the U.S. economy, which has fallen into a recession due to the ongoing COVID-19 pandemic, may result in a drop-off in demand instead.

COMMENTARY: Keoun and CoinDesk regulatory reporter Nikhilesh De are covering Powell's speech on CoinDesk.com and Twitter. Follow our live coverage here.