Bitcoin Volatile Near $94K as Fed's Powell Straddles Labor Market and Inflation Issues

Source: CryptoNewsNet Original Title: Bitcoin Volatile Near $94K as Fed’s Powell Straddles Labor Market and Inflation Issues Original Link: Bitcoin spiked above $94,000 and then quickly retreated as Fed Chair Jerome Powell sounded both dovish and hawkish after the central bank delivered a 25 basis-point rate cut on Wednesday.

Swinging around $92,000 for most of the day, BTC jolted to $94,400 as Powell—in his post-meeting press conference—emphasized risks of a possibly weaker than thought labor market, before giving back most of the gains after he said the battle over too-high inflation is far from over.

Recently, BTC changed hands at $93,500, up 0.5% over the past 24 hours. Ether extended its recent streak of relative strength, trading above $3,400 and rising about 2.4% during the same period.

Fed policy, said Powell in his post-meeting press conference, is now “within a range of plausible estimates of neutral, and leave us well-positioned to determine the extent and timing of additional adjustments.”