BTC Crawls Up, What Did Powell Say During the FOMC?


 "Hey, just go up a little bit, when do you think the price of BTC will break through $36K."

The price of the king of the cryptocurrency Bitcoin (BTC) broke through $35,500 when the Federal Reserve (Fed) during the meeting of the Federal Open Market Committee (FOMC) early this morning was reported to temporarily stop the increase in interest rates for November 2023.

Having realized that the implementation of policy tightening can put significant pressure on economic activity, Fed Chairman Jerome Powell will set the next course of action regarding monetary policy.

However, Powell, who still has no decision to make regarding the next FOMC meeting, will pay more attention to the labor market and the broader financial situation of the market in order to determine whether to raise interest rates or not.

Asked about bond yields and their impact on monetary policy, Powell, who is currently monitoring banking pressures, said that higher bond yields need to continue to have an impact on the stance of monetary policy.

If the current rise in yields is maintained, a negative stimulus to economic activity will be triggered but Powell is still uncertain as to what the impact will be on bond yields if interest rates are raised.

Despite this, the Fed has so far remained committed to achieving its inflation target of 2%, but at the same time maintains that the market has strengthened and economic growth is unexpected as the US central bank stops raising interest rates.

As of this writing, the price of BTC has surged by 2.89% to $35,523 in the last 24 hours with a market cap of $694 billion and has recorded a 2.35% climb over the past week.