Bitcoin Soars After The Governor Of The Fed Is Optimistic About The US Economy

Bitcoin, the world's largest crypto asset by market cap. (Photo; Doc. Pexels)

JAKARTA The price of Bitcoin rose more than 2% after the Federal Reserve Governor, Christopher Waller, expressed a positive view on the economic condition of the United States (US). This triggered the movement of the Bitcoin price in the last 24 hours shortly after Waller delivered his speech.

Waller said the latest economic data showed a slowdown in inflation's growth and moderation in the US. He also said that the current policy was appropriate to achieve the 2% inflation target and slow down the pace of the economy.

Waller, which previously advocated an interest rate hike, now suggests that the Federal Reserve need not rush to raise interest rates and could wait until early next year.

Waller's speech marked a consensus within the Federal Open Market Committee (FOMC), which is the Federal Reserve's monetary policy decision-making agency, to continue the break in rising interest rates. This is in contrast to market expectations that expect a faster rate hike in line with rising inflation in the US.

Bitcoin Reaction

The financial market reacted positively to Waller's speech, especially in the crypto space. Bitcoin, which is the largest and most popular cryptocurrency, experienced a price increase of more than 2% after Waller's statement.

At the time of writing, Bitcoin price movements rose to 2.5% in the last 24 hours. Currently Bitcoin is trading at IDR 584 million US dollars per BTC.

This shows Waller's positive statement to the US economy has had more impacts on traditional financial markets and cryptocurrencies. Bitcoin, which is often considered a safe haven asset, benefits the Federal Reserve Governor's statement.