u.today
30 January 2025 02:21, UTC
The price of Bitcoin, the leading cryptocurrency, has managed to reclaim the $105,000 level despite the Federal Reserve's hawkishness.
As noted by cryptocurrency analytics firm Santiment, the market has not been phased by Jerome Powell and the Fed's decision not to cut interest rates.
The fact that Bitcoin is not fully mirroring the performance of tech stocks could be interpreted as a bullish sign.
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"The most historic bull cycles in crypto have come when there is minimal reliance on world stock markets," the firm added.
As reported by U.Today, the Fed said that the level of inflation was "somehow elevated."
Chairman Powell reaffirmed the 2% inflation target goal while also noting that the Fed does not have to wait for this target to be reached in order to start cutting rates.
However, Powell also stated that banks are "perfectly able" to serve cryptocurrency customers if they manage risks. This remark has likely contributed to the recent price jump.
