Breaking: Bitcoin price breaches $30,000 after Federal Reserve Chair Jerome Powell's Friday speech
Bitcoin price has breached the $30,000 psychological level, to trade at $30,150 at press time.
Taking off like an arrow from the bow, the flagship cryptocurrency has recorded a steady streak of higher highs.
Experts attribute to the surge not to fake news of a spot BTC ETF approval, but to Federal Reserve chair, Jerome Powell, on Friday during the Economic Club of New York.
In his speech, Powell spoke of the rising yields on long-term US treasuries. He also alluded to the that the Fed possibly seeing its way to pausing its interest rate hikes during the next meeting, slated for November 1.
The prospective pause depends on inflation data, in the sense that inflation suddenly shooting up could delay the pause, attracting more rate rises. Conversely, if inflation fails to rise, then the pause could go into effect.
For the layperson, a Fed pause differs from a Fed pivot, with the latter happening when the Fed starts bringing interest rates back down again. Notably, such a reality may still be distant, not to be expected anytime soon. The more plausible scenario is interest rates staying at their current levels for a while.
BTC/USDT 1-day chart
Also Read: Bitcoin price did not need fake Spot BTC ETF news to break $29,000 barrier
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
