Bitcoin’s Upward Momentum Persists In The Aftermath of Fed Conference
Following the United States Federal Reserve’s recent monetary policy convention, Bitcoin witnessed a notable surge, the largest it has seen in over a week. This upswing was a response to the comments of Chair Jerome Powell, who briefly mentioned the topic of cryptocurrency.
As of Thursday at 8:30 a.m. in New York, Bitcoin, the heavyweight in the digital asset arena, saw an increase of 1 per cent, propelling its value to approximately US$105,134. This came hot on the heels of a 3 per cent ascent the day before.
Bitcoin Monetary Policy: Smaller Tokens Witness Rise As Well
It wasn’t just Bitcoin that celebrated a rally. Other smaller contenders in the crypto market, such as Ether and Solana, followed suit and saw their values increase respectively.
The Federal Reserve halted its monetary easing strategy on Wednesday. Powell hinted that there would need to be substantial inflation progress before further interest rate cuts are considered by the central bank.
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When quizzed about potential perils posed by digital assets, Powell responded by suggesting that banks could cater to crypto clients provided they comprehended and effectively managed the associated risks. He also advocated for a more robust regulatory framework for cryptocurrencies from Congress to help manage these scenarios better.
