After Thursday’s sell-off, Dogecoin (CRYPTO: DOGE) rose more than 7% today, trading at $0.294884.

Dogecoin, which grew 4,671% since the start of the year, moves in tandem with other major cryptocurrencies, which all may be affected by general market news, such as the scheduled speech by Jerome Powell, Chair of the Federal Reserve of the United States.

Investors are closely watching to find any signals related to the upcoming reduction of Fed’s asset purchase program. If Powell speaks about the reduction of the asset purchase program, cryptocurrency prices will probably drop, finding themselves under pressure. In contrast, if Fed is prone to take aggressive actions, then cryptos are expected to see gains.