Bitcoin closed again on Thursday at $81,000 before falling again, as its spectacular week continues.
The top cryptocurrency in the world was recently trading New York, where the previous day’s high was $80 793, has a new record of 80 236 dollars.
Bitcoin has gained more than 2 percent in the last day, after having gained 10 percent over a period of a week. The coin’s rise comes ahead of Federal Reserve Chair Kevin Warsh’s keynote on Friday where he is expected to talk about digital payments — including crypto.
Federal Reserve Bank of Kansas City, will host the annual Jackson Hole event, in Wyoming. Central bankers, Federal Reserve officials and academics from around the world will be there to share their views. “Financial Innovation: Implications for Payments and Policy.”
The Federal Reserve Bank of Kansas City’s website indicates that this year’s conference will be held on September 23. touch on How to get started “recent years have seen a dramatic increase in innovation in financial intermediation and payments,” New technologies include “cryptocurrencies and stablecoins.”
This will be Warsh’s first big speech as Chairman of the Federal Reserve. Warsh is reluctant to lower the interest rate, even though he has previously made pro Bitcoin statements. Donald Trump who nominated Warsh has been pushing for lower borrowing costs ever since last summer.
Bitcoin performed very well when interest rates were low.
Bitcoin’s rally began last weekend, after it reached its highest level in several years as a result of positive regulatory developments and a Treasury announcement.
Recent positive regulatory developments have helped to boost the value of bitcoin. Although the much-anticipated crypto Clarity Act is now scheduled to be voted on in September, Donald Trump said last week said This bill was not a “very, very powerful” I urged the lawmakers to complete this piece of law.
The proposed law will establish a framework for distinguishing between digital assets that are securities, commodities or payment stablecoins — legislation that the crypto industry has long called for.
The U.S. Treasury Department announced last week that Scott Bessent, the Secretary of the Treasury, would be doubling the amount it buys back in bonds with a long maturity date.
This news caused yields to fall. A lower long-term rate reduces the risk of owning non-yielding commodities like bitcoin or gold. It also supports a more positive sentiment.
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Source: bitcoinmagazine.com
