The crypto market experienced a significant drop this week, impacting both Bitcoin and altcoins. However, following the Federal Reserve's recent comments, Bitcoin's price rose back up to $69,000. To continue on its upward trajectory before the halving, achieving closures above $69,000 is vital.
Federal Reserve Statements
Prior to the data release on Friday, the crypto community eagerly anticipated statements from various Federal Reserve members. As of the latest update, three Fed members had shared their views on interest rate outlooks and other factors affecting the crypto markets. Mester raised the long-term neutral estimate, emphasizing the need for more evidence regarding inflation before considering interest rate adjustments. Kashkari expressed the importance of evaluating the economic strength before making any moves on lowering interest rates. Goolsbee emphasized that if inflation remains consistent, certain actions must be taken to meet the 2% target.
Bitcoin's price immediately reacted positively to the Federal Reserve's statements, showing signs of recovery.
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