Cryptocurrencies
Bitcoin Mirrors Stock Rebound on Powell’s Upbeat Economic Tone
- Token has been trading in the narrowest range since 2020
- Price jumped above $41,000 for the first time in a week
This article is for subscribers only.
Bitcoin edged higher for a third day following reassurance from Federal Reserve Chairman Jerome Powell that the U.S. economy was strong enough to weather tightening monetary policy.
The largest cryptocurrency continued to mirror the U.S. stock market, which swung between gains and losses in the wake of the Fed’s first interest rate increase since 2018. Investors have expressed concern that a reduction of pandemic-related stimulus will reduce demand for risker assets.