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The crypto market reacts favorably to talks of “disinflation”
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Despite the expected rate increase and Jerome Powell indicating more increases will come, the market reacted positively to his comments...
The price of Bitcoin broke through the $24,000 ceiling and the total crypto market cap jumped nearly 4% after United States Federal Reserve Chair Jerome Powell indicated that inflation had begun slowing down in the world's largest economy.
"We can now say, I think for the first time, that the disinflationary process has started […] we see it really in goods prices," said Powell during a Feb. 1 Federal Open Market Committee press briefing shortly after announcing an interest rate hike of 25 basis points.
The rate hike and Powell's remarks appeared to have been received well by 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 announcement.
The global crypto market cap is now at $1.09 trillion — up 3.88% over the last day — and BTC tipped slightly over $24,000 for the first time in 2023.
Bullish signals appear to be looming ahead for the crypto market.
Get the full story by reading the complete article on Cointelegraph.
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