Bitcoin price clings to $30K as Fed’s Powell stresses more rate hikes
There’s no room for slacking when it comes to monetary policy tightening, Powell says, as Bitcoin takes a breather from yearly highs. Bitcoin (BTC) staged another retest of $30,000 support on June 28 as the United States Federal Reserve stayed hawkish on inflation. BTC/USD 1-hour chart. Source: TradingView Powell on rate hikes: “More restriction coming” Data from Cointelegraph Markets Pro and TradingView showed BTC price action sticking to a narrow range at the Wall Street open. This accompanied fresh comments on economic policy from Fed Chair Jerome Powell. Speaking during a two-day discussion with other central bank heads at the European Central Bank Forum on Central Banking 2023 in Sintra, Portugal, Powell reiterated Fed consensus for further interest rate hikes this year. Having paused the hiking cycle, which began in late 2021, this month, Powell nonetheless stressed that there was still room for further policy tightening. “Really, policy hasn’t been restricted for very long,” ...