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Bitcoin price surges towards $60K following Fed Chairman Powell’s remarks on inflation. During his testimony before the Senate Banking Committee, Powell emphasized the need for a balanced approach to monetary policy. As a result, Bitcoin has risen to around $59,140, up from an earlier low of $57,014.JOIN CRYPTOS HEADLINES<a href="https://t.me/CryptosHeadlines" rel="noopener noreferrer nofollow">TELEGRAM CHANNEL</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/737ad6be87cf4100bcba651d749898ec.svg&#43;xml" />Bitcoin is getting close to $60,000 as it benefits from U.S. Federal Reserve Chairman Jerome Powell’s careful approach to controlling inflation. This comes just before the important U.S. Consumer Price Index (CPI) <a href="https://cryptosheadlines.com/bitcoin-price-slightly-recovers-following-us-pce-inflation-data/" rel="noopener noreferrer nofollow">inflation data</a> is released on Thursday.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/0121f635aa3c413aa88128c40d619e04.png" /><h3 id="powell-s-balanced-approach-to-inflation-boosts-bitcoin-s-ascent">Powell’s Balanced Approach to Inflation Boosts Bitcoin’s Ascent</h3>In his testimony before the Senate Banking Committee on Tuesday, <a href="https://cryptosheadlines.com/first-time-in-years-federal-reserve-raises-fed-funds-rate-above-5/" rel="noopener noreferrer nofollow">Federal Reserve</a> Chairman Jerome Powell emphasized the need for a balanced approach to monetary policy, resisting calls for immediate interest rate cuts. He reiterated the importance of achieving a stable 2% inflation target, underscoring the need for more convincing data before making any adjustments.Powell highlighted the risks associated with inflation, stating that policymakers must avoid easing up too soon or too much, as well as too little too late. He noted that reducing policy restraint too late or too little could unduly weaken economic activity and employment, citing significant cooling in the labor market and the Fed’s awareness of downside risks.The Fed chairman’s cautious stance on interest rates is prompting investors to reevaluate their investment strategies, favoring assets uncorrelated to <a href="https://cryptosheadlines.com/hungarian-central-bank-no-urgent-requirement-for-e-forint/" rel="noopener noreferrer nofollow">central bank</a> decisions. As a result, Bitcoin has experienced substantial 24-hour price growth, hovering around $59,140 at press time, up from an earlier low of $57,014.<a href="https://cryptosheadlines.com/coinbase-teams-up-with-us-doj-for-32m-crypto-custody-and-trading-deal/" rel="noopener noreferrer nofollow">Also Read: Coinbase Teams Up with US DOJ for $32M Crypto Custody and Trading Deal</a><h3 id="market-stability-as-attention-turns-to-upcoming-cpi-report">Market Stability as Attention Turns to Upcoming CPI Report</h3>Major U.S. stock indexes in traditional markets were mostly unchanged on Tuesday, while the <a href="https://cryptosheadlines.com/fomc-decrees-pause-on-bonds-dollar-and-inflation-peter-brandt-predicts-bitcoin-rally/" rel="noopener noreferrer nofollow">dollar and bond</a> yields edged slightly higher.The focus now shifts to Thursday’s Consumer Price Index (CPI) report, which is expected to show prices rising 0.1% last month and core prices (excluding food and energy) rising 0.2%. Any surprise in the <a href="https://cryptosheadlines.com/us-inflation-rate-drops-to-4-9-in-april-bitcoin-surpasses-28k/" rel="noopener noreferrer nofollow">inflation data could significantly impact the likelihood of a rate</a> cut in September and, consequently, affect the price of Bitcoin.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/0121f635aa3c413aa88128c40d619e04.png" /><img src="https://academy-public.coinmarketcap.com/optimized-uploads/a1fad0b2aea841c8863953ee718a46bd.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Bitcoin Nears $60K Amid Powell’s Inflation Remarks

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