How The Bitcoin Market Reacted To Federal Reserve Comments On Ongoing Inflation

Bitcoin Magazine

The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

In the Daily Dive #102, we highlighted the rising DXY (U.S. Dollar Currency Index) in 2021 and the negative impact it can have on bitcoin’s price. Today, with Federal Reserve Board Chair, Jerome Powell, talking about the rising risk of persistently high inflation in the United States and a potential accelerated taper, DXY, SPX and bitcoin markets immediately reacted. The DXY jumped over 1% with both the S&P 500 Index and bitcoin falling in tandem.

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The $DXY and $SPX react to Powell’s comments regarding inflation and tapering.

The bitcoin market fell following Powell’s comments.

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