Bitcoin Approaches $85,000 Mark Following Jerome Powell’s Remarks
On Thursday, Bitcoin rose 1.1% to nearly $85,000, influenced by US Fed Chair Jerome Powell’s remarks on tariffs and interest rates. Despite this, a CryptoQuant report revealed a divergence between Bitcoin’s price rise and futures market sentiment, suggesting investor caution amid economic uncertainty.
Bitcoin experienced a modest increase of 1.1% on Thursday, reaching nearly $85,000. This surge was influenced by market reactions to comments made by US Federal Reserve Chair Jerome Powell, who highlighted concerns over US tariffs and revised expectations regarding interest rate cuts. The cryptocurrency market overall showed signs of recovery, with Bitcoin specifically crossing the $84,000 mark to settle at $84,967.
Chair Powell’s remarks introduced caution into financial markets, as he stressed the need to understand the implications of new tariffs, which may lead to inflation and slow economic growth. The possibility of stagflation, marked by stagnant growth alongside high inflation, emerged as a significant concern for investors. Amidst such hesitation, Bitcoin was viewed by many as a safe-haven asset akin to gold, contributing to its recent price increase.
Despite Bitcoin’s stability around the $80,000 region, an analysis from CryptoQuant indicated a disconnect with the futures market. The report stated that although Bitcoin surged from November 2024 to February 2025, climbing to $101,000, bullish sentiment in the futures market did not align with this increase. Following tariff announcements, risk-associated assets including Bitcoin suffered, as futures market sentiment deteriorated, highlighting growing investor apprehension, according to CryptoQuant analyst AbramChart.
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