Bitcoin Hits $105K Again Despite Fed's Tough Stance
Bitcoin, the top cryptocurrency, has managed to reach $105,000 again, even though the Federal Reserve is staying firm on interest rates.
According to the cryptocurrency analysis company Santiment, the market has stayed strong despite the Fed's decision not to lower rates. Bitcoin’s price not following the same path as tech stocks could be seen as a good sign for the future. Santiment mentioned that some of the biggest crypto price surges have happened when crypto wasn’t closely tied to global stock markets.
The Federal Reserve recently said inflation is still “somewhat elevated.” Chairman Jerome Powell confirmed that the Fed’s goal is to keep inflation at 2%. However, he added that the Fed doesn’t need to wait until this target is met to start cutting rates. Powell also mentioned that banks can serve crypto customers if they manage risks, which might have helped boost Bitcoin’s price.
