Bitcoin Price Jumps After FED Chair Powell Talks Of “Disinflation”
Bitcoin Price Jumps After FED Chair Powell Talks Of “Disinflation”.
Powell’s Comments
Earlier on Wednesday, despite having raised the interest rates by 25 basis points from 4.5% to 4.75%, Federal Reserve Chair Jerome Powell indicated that a “disinflation” may be on its way, explaining that “only a couple more” rate increases may be needed before the central bank stops raising interest rates.
“We can now say, I think for the first time, that the disinflationary process has started […] we see it really in goods prices,” Powell said.
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FUNDSTRAT: “Powell cited the word ‘disinflation’ 13 times in this press conference. This is a major change in language and tone .. In Dec presser, ‘disinflation’ was used ZERO times by Powell.” @fundstrat #FOMC pic.twitter.com/hjcMhrX3gs
— Carl Quintanilla (@carlquintanilla) February 2, 2023
Bitcoin Price Jumps
As a result of Powell’s optimistic words, the crypto market briefly saw itself jump, with Bitcoin and other altcoins seeing their prices rise briefly moments after the press briefing.
In the past 24 hours, Bitcoin’s price has jumped by more than 3%, going from a price of around $23,000 to touching a price of $24,100 in mere hours. The major cryptocurrency has since fallen slightly to a price of $23,800 at the time of writing.
Aside from Bitcoin, other cryptocurrencies are also seeing their prices jump including Ethereum, the second largest cryptocurrency by market cap, which has seen its price jump by up to 6.2% and is now trading at a price of $1,673.
Altcoins Polygon (MATIC), Cardano (ADA), and Dogecoin (DOGE) also saw their prices jump by 13.3%, 6.7% and 2.3% respectively within the last 24 hours.
It’s also reported that following FED Chair Powell’s comments, the cryptocurrency market saw its market cap increase by over $40 billion and is now at $1.09 trillion at the time of writing.
Related: Tesla Records $140M Loss From Bitcoin Investment In 2022
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