Bitcoin Crosses $21K, Headed For $24K As Fed Talks “Disinflationary Process”

Saying goodbye to the long-awaited $20,000 for the first time in a few days, bitcoin just moved a notch closer to $24,000, thanks to Federal Reserve’s latest utterance of a. “disinflationary process.”

Bitcoin Breaks A Few Barriers

For bitcoin, it was a mad rush towards the highest number of all three-digit kings, viz. 21K. It finally happened, crossing $21K a few hours back and now, only $24K remains between the digital asset and breaking a new world record. This was the kind of euphoria the entire world has been waiting for since BTC market went quiet after it smashed its own record of $20,000.

However, the main reason behind this jump in bitcoin prices is not the frenzy due to its anniversaries. Instead, it can be credited to the utterance made by Federal Reserve’s (Fed) president, Jerome Powell regarding a “disinflationary process.” This subtle comment was enough to rally the sentiment in the crypto markets and there was no looking back for bitcoin.

Fed Keeps Talking About ‘Disinflationary Process’

During a press conference yesterday, Powell assured the world that Fed is aware of the need for the influx of funds in the economy and has already put measures in place to ensure that. He further added that this “disinflationary process,” will guard the US economy against inflationary forces. Needless to say, this was enough to instill a wave of confidence in the crypto markets and bitcoin, who is at the top of the game, roared.

A Break From The Paintings On The Wall

Although experts remain divided on the effects of this “disinflationary process,” on bitcoin’s prices, there is a sense of cautious optimism among those who understand how the markets work and the role that central banks’ play in it.

So, if you are a bitcoin lover, you have ample reasons to be happy, given that there could be a wave of freshness set for the crypto market. All of this, albeit different from the paintings on the wall and much hyped-up news about BTC topping $30K and so on.