Bitcoin (BTC), the biggest digital asset, price jumped by over 3% in the last 24 hours, assisting it to regain the crucial $38k price level. However, this sudden BTC price comes in over a positive statement delivered by the Federal Reserve Governor. He suggested that there might be a pause on interest rates ahead.
Fed’s Waller hints policies are well positioned
Federal Reserve Governor Christopher Waller in the latest speech mentioned that there is growing confidence that the current policy measures are in a position to bring inflation back under control. However, he addressed that inflation is still too high at the moment but there are signs of moderating economic activity in the fourth quarter.
Waller has been addressed as a hawkish and influential voice within the Federal Reserve. He clarified that any potential rate cuts would not be aimed at rescuing the economy from a recession. However, the focus would be on preventing monetary policy from becoming overly tight as inflation calms down.
Waller’s statements prompted a decline in bond yields, as investors adjusted their expectations to include a higher likelihood of rate cuts in the coming year. The evolving stance of the Federal Reserve and its response to economic indicators will be closely monitored by market participants as they navigate uncertainties surrounding inflation and economic recovery.
Bitcoin breaches $38k
In the meantime, the global crypto market turned green after Waller’s positive outlook. The cumulative market cap recorded a surge of almost 2% over the last day to stand at $1.43 trillion, a 1.90% increase. However, the total crypto market volume over the last 24 hours is $47.3B, which makes a 6.85% decrease.
Bitcoin price jumped by almost 2% in a span of just 1 hour. BTC is trading at an average price of $38,167, at the press time. Its 24 hour trading volume is down by 3% to stand at $18.4 billion.
