Bitcoin News

Bitcoin Rises As FED Chair Jerome Powell Fails To Speak On Economic Outlook

Bitcoin climbed following Jerome Powell's speech at the Federal Reserve Board’s International Finance Division Anniversary Conference.
Published by
Bitcoin Rises As FED Chair Jerome Powell Fails To Speak On Economic Outlook

Highlights

  • Bitcoin held above the $104,000 level following Powell's speech and is looking to rally to $105,000.
  • The flagship crypto had dropped to as low as $103,700 earlier in the day.
  • This was Powell's first speech since he met with President Donald Trump.

Bitcoin has reacted positively to FED Chair Jerome Powell’s first speech since meeting with US President Donald Trump. This came despite Powell’s failure to comment on the US economic outlook amid so much market uncertainty due to Trump tariffs.

Advertisement

Bitcoin Climbs Amid Powell’s Refusal To Comment On Economy

CoinMarketCap data shows that the Bitcoin price is climbing as Powell failed to comment on the economy during his speech at the Federal Reserve Board’s International Finance Division Anniversary Conference.

The flagship crypto held above the $104,000 level following the speech and is now looking to rally to the $105,000 level. Bitcoin had dropped to as low as $103,700 earlier in the day as traders held their nerves ahead of Powell’s speech.

His speech comes following his first meeting with US President Donald Trump since the beginning of this administration earlier this year. The Federal Reserve revealed that Powell and Trump didn’t discuss the Fed’s expectations for monetary policy. However, the White House mentioned that the president told Powell he was making a mistake by not cutting interest rates.

CME FedWatch data shows that there is a 95.3% chance that Powell and the Fed will hold rates steady between 4.25% and 4.5% at the June FOMC meeting, holding on June 17 and 18. Meanwhile, traders bet that there will be three rate cuts this year, which will come in September, October, and December.

Meanwhile, Polymarket traders are betting more in favor of just one or two rate cuts this year, although most traders still believe there won’t be a rate cut this year. Data from the prediction platform shows that there is a 28% chance of zero rate cuts in 2025.

Meanwhile, Chicago Federal Reserve President Austan Goolsbee believes that Fed rate cuts could happen if Trump tariffs end through a trade deal or otherwise. Until then, he hinted that it will likely be a waiting game from the Fed to see how things play out.

Share
Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Bitcoin News

Bitcoin Treasuries Add Nearly $1B BTC This Week as Holdings Cross 1M BTC

This week, corporate Bitcoin treasuries exceeded 1 million BTC in total holdings. From September 1…

September 7, 2025
  • Bitcoin News

Peter Schiff Criticizes Bitcoin’s Performance Following Gold’s Rally To New ATH

Popular gold advocate Peter Schiff has criticized Bitcoin’s weakness against gold, calling it near bear…

September 7, 2025
  • Bitcoin News

Arkham Uncovers $5 Billion in Untouched Bitcoin From Germany’s Movie2K Seizure

Arkham Intelligence has identified 45,000 Bitcoin (BTC), valued at nearly $5 billion, that remains untouched…

September 7, 2025
  • 24/7 Cryptocurrency News

Ethereum Spot ETFs Record $447 Million in Outflows Amid Crypto Market Decline

Ethereum ETFs faced a sharp investor pullback this week, shedding nearly half a billion dollars…

September 6, 2025
  • 24/7 Cryptocurrency News

World Liberty Financial Discloses Reason for Blacklisting 272 Wallets

World Liberty Financial (WLFI) has confirmed that it blacklisted 272 wallets and explained why it…

September 6, 2025
  • 24/7 Cryptocurrency News

September 50 BPS Fed Rate Cut Odds Climb Ahead of CPI, PPI Data

Traders are beginning to price in the possibility of a 50 basis points (bps) Fed…

September 6, 2025