Bitcoin (BTC) spiked to two-week highs on March 20 amid rumors that the US government was preparing a “major update” to its crypto policy.
BTC/USD 4-hour chart. Source: Cointelegraph/TradingView
Fed’s Powell injects relief into stocks, crypto
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching nearly $87,500 on Bitstamp.
Currently consolidating near $86,000, Bitcoin benefitted from a fairly cool Federal Reserve meeting the day prior in which officials opted to hold interest rates at current levels.
Policymakers confirmed that they envisage two cuts by the end of 2025, with Fed Chair Jerome Powell describing inflation as having “eased significantly.”
“We do not need to be in a hurry to adjust our policy stance, and we are well positioned to wait for greater clarity,” he said in an opening statement before a press conference that followed