Bitcoin price resists to maintain the level of 20 thousand dollars, coinciding with the recent speech of the Federal Reserve Chairman
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Answer Bitcoin price resists to maintain the level of 20 thousand dollars, coinciding with the recent speech of the Federal Reserve Chairman
The bitcoin price is still showing instability and the direction is not clear yet.
In the last 24 hours, Bitcoin has fallen at its $20,000 support level again, as Federal Reserve Chairman Jerome Powell testified before the US Congress on Wednesday.
a promise Powell continues to fight inflation by raising interest rates, phrases that have often frightened the cryptocurrency markets in the past.
At press time, Bitcoin is trading at $2,0200, after dropping to $19,800 levels earlier.
Bitcoin’s rapid fluctuation coincided with what “Powell” told Congress that the Federal Reserve would remain committed to the plan to reduce inflation.
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Quoting from his speech:
We are strongly committed to bringing inflation back down, and we are moving quickly to do so.
The Fed chair expects the rate cut to require further rate hikes, beyond the 1.75% to 2.0% policy he is currently in.
Last month alone, the Fed raised interest rates by 75 basis points, a move it didn’t think would be needed in the previous month.
With the rate of inflation higher than expected, the central bank is ready to become more robust until it finds convincing evidence that inflation is trending down, which was stated by the Federal Reserve Chairman who also confirmed that the United States is ready for further increases, and that it will be very difficult A soft landing of the economy.
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