Bitcoin Price Skyrockets by Over 20%, Crossing $30,000 Mark: What Lies Ahead for BTC?
The price of Bitcoin has witnessed an astonishing surge, soaring by over 20% in the last seven days and breaking through the significant milestone of $30,000.
This remarkable rally has attracted widespread attention, with investors and analysts eagerly anticipating what lies ahead for BTC.
Adding to the excitement, Federal Reserve Chair Jerome Powell's recent remarks about potential interest rate increases and inflation concerns have added fuel to the discussion.
Additionally, the entrance of Valkyrie, a prominent financial firm, into the Bitcoin spot ETF market has brought more attention to the cryptocurrency's future prospects.
As Bitcoin continues its upward trajectory, the market eagerly awaits insights into its future direction and the implications of these recent developments.
In his prepared statements before the House Financial Services Committee on Wednesday, Federal Reserve Chairman Jerome Powell hinted at the possibility of further interest rate increases this year.
After implementing ten consecutive rate hikes, the Federal Open Market Committee (FOMC) agreed to halt further increases this week.
Powell emphasized that while raising rates may still be justified, it would likely occur more gradually, considering the progress made thus far.
He acknowledged that tighter lending conditions could impact economic activity, hiring, and inflation, but the extent of these effects remains uncertain.
Powell noted that inflation has somewhat moderated since the middle of last year.
However, he highlighted the persistent inflationary pressure and emphasized that bringing inflation back down to the target level of 2% will take time.
Furthermore, Powell dismissed the notion of a near-term rate cut, stating that such a move would
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