Bitcoin Shocks Markets with $24K Spike amid Powell's Disinflation Remarks
Bitcoin SPikes above $24000 as fed chair Powell talks of disinflation
Bitcoin price broke through the $24,000 ceiling and the total crypto market cap boost approx 4% after United States Federal Reserve Chair jrome Powell indicated that inflation had begun slowing down in the world's largest economy.
According to Powell "I think for the first that the disinlationary process has started we see it really goods prices" Federal Open Market Committee press briefing, Federal Open Market Committee press briefing shortly after expressing an interest rate hike of 25 basis points.
The Fed rate hike Powell's remarks appeared to have gone decreased well in the crypto markets which had been trading sideways in the lead-up to the speech but saw market cap increase by over $40 billion in the hours after the declaration.
Currently, the global crypto market cap is $1.09 trillion up 3.88% in the last day meanwhile Bitcoin tipped over $24,000 for the first time in 2023.
Powell express that they still expect inflation to continue rising in the service sector for some time and to be prepared for an ongoing rate rise.
"We see ourseives as having more persistent inflation in that service sector which will take longer to get down and we have to complete the job that's what we're here for."
Powell said that ongoing rate rises would still be appropriate as the Federal Reserve attempts to bring inflation back to its 2% target level.
Fed Reserve hikes by 0.25%. Its 8th hike. The Fed did not indicate its at the end of its hiking cycle. But, Fed chair said in his speech he sees inflation coming down soon. 50% of inflation is in “disinflationary” phase. Markets react positively. #FOMC #Fed #asx $spx $ndq $xjo pic.twitter.com/1misOrnD2b— Jessica Amir (@JessicaDAmir) February 1, 2023
It should be noted that disinflation refers to a slowdown in the rate of increase of general price levels as opposed to deflation where the general price level of goods and services decreases.
Bitcoin is currently a trending coin in CoinMarketCap. The live Bitcoin price today is $23,865.08 with a 24-hour trading volume of $30,151,427,150. Bitcoin is up 3.18% in the last 24 hours. The current CoinMarketCap ranking is #1, with a live market cap of $460,100,295,442. It has a circulating supply of 19,279,225 BTC coins and a max. supply of 21,000,000 BTC coins.
Bitcoin price statistics the BTC price change in 24 hours is +$711.86 of 3.09% and BTC's 24-hour low is $22,877.75 and 24 hours high is $24,167.21 with 42.12% Market Dominance.
BTC's 7-day low is $22,654.59 and the 7-day high is $24,167.21 of 17538.64% Bitcoin ROI.