The price of Bitcoin pared some recent gains after Jerome Powell's comments
After the Bitcoin price rallied sharply higher earlier today, Federal Reserve Chair Jerome Powell threw a spanner in the works for bulls with hawkish comments. that the Fed had no commitment to a particular rate cut, stating that their current rate path is"data dependent." While the Fed has"welcomed" the most recent consumer price index reading, Powell claims that he needs to bolster confidence on inflation.
Bitcoin has now pared a substantial portion of its recent gains due to Powell's hawkish comments, currently trading at $68,837 on the Bitstamp exchange. The Fed has signaled that there would be only one rate cut this year despite cooling inflation, but its message is rather confusing. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin Price Slides 4% as Mt Gox Distributions Begin With Big BTC MoveCrypto Blog
Read more »
Bitcoin Price Analysis: BTC Paints Multiple Bullish Signals as Price Hovers Around $62KCrypto Blog
Read more »
Michael Saylor Reacts as Bitcoin (BTC) Breaks Above $71,000Vocal Bitcoin proponent Saylor makes BTC prediction as Bitcoin surpasses $71,000 price mark
Read more »
BTC price settles at $69K after dip wipes $1.3B Bitcoin open interestBitcoin returns to the key $69,000 level with BTC price and Ether price action consolidating losses.
Read more »
Bitcoin Price Alert: 273,000 BTC Held at Key Bitcoin Supply RangeBitcoin reached highs of $71,980 before encountering resistance
Read more »
Bitcoin price monthly close above $69K would be 'epic' — New analysisBitcoin preps a monthly close around a key level with implications for future BTC price gains.
Read more »