In accordance with Coindesk, Bitcoin surged above $94,000 and then retreated as Federal Reserve Chair Jerome Powell delivered mixed signals on monetary policy during his post-meeting press conference. BTC fluctuated around $92,000 for most of the day before briefly reaching $94,400 after Powell highlighted risks in the labor market. The price later pulled back as he emphasized the ongoing battle against high inflation. Recently, BTC traded at $93,500, up 0.5% in the past 24 hours. Ether also showed strength, trading above $3,400 and rising 2.4% in the same period. Powell stated that the Fed is now within a neutral rate range and is well-positioned to assess future adjustments. He noted that the central bank will monitor incoming data before making further decisions. The New York Fed also announced plans to purchase short-term Treasury bills and securities, targeting around $40 billion in purchases over the next month. Analysts suggest the Fed's decision does not signal an aggressive easing cycle and that future moves will depend on inflation and labor-market data.
Bitcoin Volatile Near $94K as Fed's Powell Balances Labor Market and Inflation Concerns
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Summary
Bitcoin, seen as a hedge against inflation, climbed above $94,000 before retreating as Fed Chair Powell gave conflicting signals on policy. BTC hovered near $92,000 before surging after labor market comments, then easing on inflation focus. The New York Fed plans $40 billion in short-term purchases. CFT regulations remain in focus as markets await data-driven decisions. Ether rose 2.4% to $3,400.
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