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Bitcoin spikes above $24K as Fed chair Powell talks of ‘disinflation’

February 1, 2023


The price of Bitcoin broke through the $24,000 ceiling and the total crypto market cap jumped nearly 4% after United States Federal Reserve Chair Jerome Powell indicated that inflation had begun slowing down in the world’s largest economy.

“We can now say, I think for the first time, that the disinflationary process has started […] we see it really in goods prices,” said Powell during a Feb. 1 Federal Open Market Committee press briefing shortly after announcing an interest rate hike of 25 basis points.

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