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The leading cryptocurrency turned upward again and surpassed the $62,000 level. The daily peak reached $62,320. The price, lingering around $62,000 for now, is rising amid statements made by Fed Chairman Powell. But why?
Why is Bitcoin Rising?
Powell now sees the risks of excessive tightening and says it is the right time to start rate cuts. While mentioning that the time for cuts has come, Powell also noted that they have been balancing inflation by keeping rates at their peak for over a year. The WSJ report includes the following details;
“The Federal Reserve Chairman gave the strongest signal yet that rate cuts are approaching. In the coming months, the pace of monetary tightening will depend on the risk balance in the US economy. Powell stated, “We do not want or welcome further cooling in labor market conditions.”
Volatility is expected to continue until the statement ends. Therefore, investors should be prepared for sudden liquidation risks in altcoins. Powell’s speech started about 18 minutes ago, and we will see statements from Fed members in the coming hours.
