Jerome Powell

Bitcoin

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The price of Bitcoin, the top cryptocurrency, has managed to reclaim the $65,000 level on major spot exchanges.
Earlier this Wednesday, it peaked at $65,770 on the Bitstamp exchange after surging by more than 6%.
This came after Jerome Powell signaled that interest rates are currently at their peak, adding that he expects at least three cuts to <a href="https://twitter.com/GertvanLagen/status/1770524789670547622" rel="noopener noreferrer nofollow">happen</a> this year.
Powell has <a href="https://twitter.com/DeItaone/status/1770519862374215937" rel="noopener noreferrer nofollow">said</a> that a "significant weakening in the labor market" would prompt the Fed to lower interest rates.&nbsp;
The future direction will depend on the upcoming data, the central bank head added.&nbsp;
With that being said, Powell does not expect rate cuts to go back to ultra-low levels.&nbsp;
Lower interest rates typically favor risk-on assets of the likes of Bitcoin, which is why the most recent price spike is not surprising. Risk assets react in a positive way to excess liquidity. &nbsp;
Earlier today, the cryptocurrency plunged to as low as the $60,900 level due to concerns about high Bitcoin exchange-traded fund (ETF) outflows following a streak of robust inflows.
As <a href="https://u.today/bitcoin-crucial-fed-decision-for-future-btc-price-to-be-announced-this-week-heres-catch" rel="noopener noreferrer nofollow">reported by U.Today</a>, market participants were also concerned about the Fed's stance on future rate cuts. Some traders hedged their bets since they anticipated that Powell could potentially adopt a more hawkish tone. Now that the rate cut outlook appears to be steady, the Bitcoin price is hitting new intraday highs.&nbsp;
Still, it remains to be seen whether this recovery will be enough for Bitcoin to resume its uptrend. It is worth noting that the largest cryptocurrency is still down 11% from its all-time high of $73,737. &nbsp;&nbsp;

Bitcoin Tops $65K as Jerome Powell Signals Rate Cuts

U_Today

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