Saturday , November 2 2024
Home / Bitcoin (BTC) / Bitcoin Volatility Picks Up as Powell Reiterates Inflationary Pressure Higher Expected

Bitcoin Volatility Picks Up as Powell Reiterates Inflationary Pressure Higher Expected

Summary:
The Bitcoin price has picked up some steam throughout the past few minutes, and the primary reason for this seems to be the fact that Jerome Powell is testifying before Congress. The  Chairman of the US Federal Reserve, Jerome Powell, is testifying before congress for the second day today. Addressing the House Financial Services Committee in remarks, the Chairman admitted that inflationary pressure is higher than they had previously anticipated. … inflationary pressures are running higher than expected at the time of our previous FOMC meeting. However, he also noted that from a broader perspective, inflation is somewhat moderated compared to the middle of last year but still remains well above their target of 2%. It’s also worth noting that he didn’t say something that he

Topics:
George Georgiev considers the following as important: , , , , , ,

This could be interesting, too:

Wayne Jones writes dYdX CEO Declares 35% Workforce Reduction

Chayanika Deka writes Former FTX’s Head of Engineering Nishad Singh Dodges Prison

Dimitar Dzhondzhorov writes Bitcoin (BTC) Price to Hit New ATH as Long as It Stays Above This Resistance Zone (Analyst)

Mandy Williams writes Aave Sees 0M Weekly Increase in cbBTC Inflows, But There’s a Catch

The Bitcoin price has picked up some steam throughout the past few minutes, and the primary reason for this seems to be the fact that Jerome Powell is testifying before Congress.

  • The  Chairman of the US Federal Reserve, Jerome Powell, is testifying before congress for the second day today.
  • Addressing the House Financial Services Committee in remarks, the Chairman admitted that inflationary pressure is higher than they had previously anticipated.

… inflationary pressures are running higher than expected at the time of our previous FOMC meeting.

  • However, he also noted that from a broader perspective, inflation is somewhat moderated compared to the middle of last year but still remains well above their target of 2%.
  • It’s also worth noting that he didn’t say something that he hadn’t previously disclosed, which is perhaps why the markets reacted somewhat positively at the time of this writing.
  • Bitcoin’s price increased mildly as volatility expectedly picked up.
BTCUSDT_2023-03-08_17-29-47
Source: TradingView

You Might Also Like:

Leave a Reply

Your email address will not be published. Required fields are marked *