Jerome Powell

Chair

Wednesday

Bitcoin

Reserve

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
After the Bitcoin (BTC) price rallied sharply higher earlier today, Federal Reserve Chair Jerome Powell threw a spanner in the works for bulls with hawkish comments.&nbsp;&nbsp;
Powell <a href="https://x.com/FirstSquawk/status/1800961062591709199">stated</a> that the Fed had no commitment to a particular rate cut, stating that their current rate path is "data dependent."&nbsp;
The Fed on Wednesday kept its benchmark interest rate unchanged. The decision was in line with market expectations.&nbsp;
Earlier today, the price of Bitcoin rallied to nearly $70,000 due to cooler-than-expected US inflation data.&nbsp;
While the Fed has "welcomed" the most recent consumer price index (CPI) 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.&nbsp;
The Fed has signaled that there would be only one rate cut this year despite cooling inflation, but its message is rather confusing.&nbsp;
However, it is worth noting that the market is still pricing in two quarter-point rate cuts in 2024.&nbsp;

Bitcoin (BTC) Price Slides After Fed's Interest Rate Decision

U_Today

Other articles published on Jun 12, 2024

Bitcoin or Gold? Top Fidelity Expert Ends Speculation

From petrodollar to petrobitcoin

Best crypto presale in June 2024: $MBAG Projected to Reach $0.25 as BitBot and Chainlink Feel the...

MoonBag Coin Soars Past $2M, Leaving Shiba Inu and Slothana Investors in Shock

WienerAI Soars To $5.5m In Presale, Adds $2m In Less Than Two Weeks—Will It Overtake $TURBO?

Decentralized Platform Offering Futures Trading on zkSync Era Received a Huge Investment to Devel...

Join our free newsletter for daily crypto updates!