Crypto Prices Swing on Fed’s Powell, Treasury Purchase
Bitcoin spiked above $94,000 and then quickly retreated as Fed Chair Jerome Powell sounded both dovish and hawkish after the central bank delivered a 25 basis-point rate cut on Wednesday.
Swinging around $92,000 for most of the day, BTC jolted to $94,400 as Powell — in his post-meeting press conference — emphasized risks of a possibly weaker than thought labor market, before giving back most of the gains after he said the battle over too-high inflation is far from over.
Recently, BTC fell to $92,000, down 0.8% over the past 24 hours. Ether extended its recent streak of relative strength, wobbling above $3,300 and rising about 1.1% during the same period.
U.S. stocks were showing gains shortly before the…
