Bitcoin Dips As U.S. Fed Chair Jerome Powell Says They Are ‘Prepared To Raise Rates Further if Appropriate’
Bitcoin (BTC) briefly fell below $26,000 on Friday after U.S. Federal Reserve Chair Jerome Powell acknowledged the possibility of raising interest rates. Powell made these comments during a Fed-sponsored economic policy symposium in Wyoming. Here are the key points from his speech:
– The Fed’s job is to bring inflation down to its target of 2%.
– The Fed is prepared to raise rates further to achieve this goal.
– While inflation has decreased, Powell believes that the decline in the inflation metric is not fully representative of the situation.
– Powell focuses on core inflation, which excludes food and energy prices.
– Core PCE inflation has declined from 5.4% to 4.3% in July.
Despite the dip, BTC has since climbed back above $26,000 and is currently trading at $26,078. It is down 0.39% in the past 24 hours.
Hot Take: Bitcoin experienced a temporary dip in response to Jerome Powell’s comments about potential interest rate hikes. However, the cryptocurrency quickly recovered, demonstrating its resilience in the face of market fluctuations.
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