Bitcoin rose back above the $60,000 level on Wednesday after Federal Reserve Chairman Kevin Warsh said inflation risks had eased while reaffirming the central bank’s commitment to returning inflation to its 2% target.
Warsh declined to give any guidance on the Federal Reserve’s next interest rate decision, saying policymakers would discuss the upcoming data when they meet in four weeks, during a panel discussion at the European Central Bank’s annual forum in Sintra, Portugal.
Instead, he emphasized that the Fed remains focused on price stability.
“Inflation risks have diminished,” Warsh said. “If there were people in households or in the business sector, in financial markets, who thought that this central bank would be comfortable with an inflation target above 2%, well, I guess they would be disappointed. We’re going to provide price stability in the United States.”
Bitcoin pared its earlier losses to return above the $60,000 level, an increase of more than 2% in the last 24 hours, according to CoinDesk Data.
