Bitcoin Trades Neutral As Fed Chair Powell Speaks

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Bit­coin spiked towards $39,000 right after the release of the Fed­er­al Open Mar­ket Committee’s state­ment declar­ing inter­est rates would remain unchanged but quick­ly retraced back down to trade in neu­tral ter­ri­to­ry as Fed­er­al Reserve Chair Jerome Pow­ell went live in a press con­fer­ence to address the future of U.S. mon­e­tary policy.

Pow­ell reit­er­at­ed that the com­mit­tee is focused on main­tain­ing a strong labor mar­ket and curb­ing infla­tion­ary pres­sures, the two main dri­vers of the FOMC’s mon­e­tary poli­cies. Infla­tion has run ram­pant over the past year as sup­ply and demand imbal­ances and increased liq­uid­i­ty in the mar­ket have led prices to sus­tain well above the committee’s tar­get of aver­ag­ing 2% over the long run.

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