Bitcoin spiked towards $39,000 right after the release of the Federal Open Market Committee’s statement declaring interest rates would remain unchanged but quickly retraced back down to trade in neutral territory as Federal Reserve Chair Jerome Powell went live in a press conference to address the future of U.S. monetary policy.
Powell reiterated that the committee is focused on maintaining a strong labor market and curbing inflationary pressures, the two main drivers of the FOMC’s monetary policies. Inflation has run rampant over the past year as supply and demand imbalances and increased liquidity in the market have led prices to sustain well above the committee’s target of averaging 2% over the long run.
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