Fed Chair Powell's Speech Fails to Impact Bitcoin Price Action

Federal Reserve Chairman Jerome Powell said in a speech today that he would not signal the timing of future policy actions, rising inflation is not the only risk facing the economy, followed by a slight increase in the likelihood of a rate cut in September. Powell's testimony did not have a major impact on the price of Bitcoin (BTC), which rallied briefly and then quickly retraced its gains to just above $57,000, up slightly over the past 24 hours.

The latest inflation data will also be released on Thursday, with the US Consumer Price Index (CPI) report for June expected to show a 0.1% rise in prices last month and a 0.2% rise in core prices (excluding food and energy). On an annualized basis, headline inflation is expected to reach 3.1% and core inflation is expected to reach 3.4%, and a surprise in either direction could quickly change the likelihood of a rate cut in September.