U.S. Federal Reserve (Fed) Chairman Jerome Powell played a stabilizing force for the stock market on Friday. The chairman told investors that the Fed will take whatever steps it can to help bolster the economy after coronavirus scares. Meanwhile, the Bitcoin price has been wobbly of late.

The chairman had already indicated that a rate cut could be expected during the first half of the year. The new remarks increased confidence in the market that the Fed will do whatever it takes to protect the economy.

Stock Slide Halted

The Dow Jones Industrial Average (DJIA) had already collapsed more than 1,100 points on Thursday. The further decline of 900 points on Friday would have been one of the worst weeks in history.

However, the Fed’s remarks buoyed investor spirits, bringing the market back up to close down just 372 points. In particular, the suggestion that the economy was strong but might need protection was met with a positive response, saying, “The Federal Reserve is closely monitoring developments and their implications for the economic outlook. We will use our tools and act as appropriate to support the economy.”

Bitcoin Blasted

The price of Bitcoin slid as well throughout the week and into the weekend. The loss of value was nearly commensurate with the losses inequities.