The Bitcoin cryptocurrency recorded a rise above the $23,000 level, driven by the statements of the US Federal Reserve Chairman, Jerome Powell, in which he confirmed that inflation is declining.
According to Arabia Net, Bitcoin rose 1% to reach $23,236 today, Wednesday, according to Coin Metrics data, while Ether rose 1.3% to $1,667.63.
Powell said in a question and answer session at the Economic Club in Washington, DC, yesterday evening, Tuesday, that although the process of reducing inflation has begun, the road is still long, and that the current stage is still very early.
Powell added: We expect 2023 to see significant declines in inflation.. Our job is actually to make sure that happens.
The Fed Chairman continued: I think it will certainly take not just this year, but next year for inflation to come down close to 2%.
Cryptocurrency prices briefly turned lower along with the stock market, after Powell said that future economic reports could force the central bank to continue aggressively raising interest rates.
Treasury yields fell during the speech, with the 10-year note falling by 1 basis point and the two-year note losing 5 basis points, while the US dollar index fell. Yields and the dollar index tend to move inversely to cryptocurrencies.
