Summary
Bitcoin briefly traded above $42,000 after Federal Reserve Chair Jerome Powell indicated that an interest-rate cut in March is not likely. However, BTC dropped to as low as $41,870 and has not reached $43,000 where it started the week. The CoinDesk 20 Index, which measures the performance of top digital assets, is down about 1.1% in the last 24 hours.
Key Points
1. Bitcoin traded just above $42,000 in the European morning after Fed Chair Jerome Powell cooled hopes of an interest-rate cut in March.
2. Chair Powell stated that a March rate cut is not the base case and that they need more confidence in inflation levels before considering a cut.
3. Despite a slight upward trend, Bitcoin remains below $43,000 where it started the week, and the CoinDesk 20 Index is down approximately 1.1% in the last 24 hours.