Bitcoin and Gold Rise Amid Fed Speech Briefly Bitcoin and gold moved in tandem during today's speech by Fed Chairman Jerome Powell. At first, both assets reacted to his words with growth, but then dropped to previous levels or even below them.

The rise of bitcoin and gold against the background of the speech of the head of the Fed was short-lived

Bitcoin and gold moved in tandem during today's speech by Fed Chairman Jerome Powell. At first, both assets reacted to his words with growth, but then fell to previous levels or even below them..

Bitcoin rallied to $ 11,600, but is now trading around $ 11,300. Similarly, gold rose to $ 1,975, after which it dropped all the way to $ 1,915.



Powell announced a change in the approach to "targeting average inflation" with an allowable excess of 2%. Previously, analysts suggested that the Fed could support the inflation rate up to 4%.

“After a period of keeping inflation below 2%, the proper monetary policy is likely to be to keep inflation slightly above 2% over the course of some time"Powell said, adding that keeping inflation too low could pose serious risks to the economy and reassuring that the long-term target is still at 2%.

According to the observations of the analytical firm CryptoQuant, a few hours earlier, miners sent 280 bitcoins ($ 3.2 million) to exchanges, or a third of the daily emission. In general, according to ByteTree data, over the past 24 hours, 13 bitcoins more were mined than sold, but in a week the number of coins sold outweighed the mined by 336 BTC.

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