It’s been another eventful week in the crypto sphere.

Bitcoin continued to hit highs not seen since the digital asset crash of May 2022: the biggest virtual coin touched $39,000 Friday before dropping down again.

It is now trading for $38,806 per coin, according to CoinGecko. That’s a 24-hour rise of about 1%. Over the week, it’s up by 3%.

The reason for the asset’s surge was likely in part due to a dovish forecast from the Federal Reserve: governor Christopher J. Waller said Tuesday that although inflation was still high in the U.S., he was “increasingly confident that policy is currently well positioned to slow the economy and get inflation back to 2 percent.”

Since the Fed started aggressively raising interest rates last year, investors have typically avoided “risk-on” assets like tech stocks and crypto.

Waller’s comments, according to James Butterfill, head of research at the European digital asset manager CoinShares, “favorably influenced” Bitcoin’s prices.

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Author: Mathew Di Salvo

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