Bitcoin Slips Below $64K After Warsh Says "No Soft Inflation Target"
Crypto's relief pop after the Fed's 9-3 hold faded within the hour as the new chair's hawkish press conference dragged risk assets lower.
• The hold came with an unusual twist: three FOMC members — Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie Logan — dissented.
#DeFi #Bitcoin #FederalReserve #Markets #Macro
@DeFiYieldChannel
Crypto's relief pop after the Fed's 9-3 hold faded within the hour as the new chair's hawkish press conference dragged risk assets lower.
• Bitcoin climbed above $64,400 after the Federal Reserve held its benchmark rate at 3.50%-3.75% on Wednesday, then gave back the move when Chair Kevin Warsh opened his press conference by saying, "There is no soft inflation target."
• BTC was trading just under $64,000 at press time, up about 1% over 24 hours, according to CoinGecko.
• The reaction shows crypto traders are taking their cues from Warsh's inflation rhetoric rather than the rate decision itself, which markets had mostly priced in.
• The hold came with an unusual twist: three FOMC members — Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie Logan — dissented.
#DeFi #Bitcoin #FederalReserve #Markets #Macro
@DeFiYieldChannel