Bitcoin rose above $23,000 on Thursday following a statement by Federal Reserve Chairman Jerome Powell regarding the slowing of inflation in the United States.
Powell spoke at an event hosted by the Economic Club of Washington, where he stated that the disinflationary process has begun in the goods sector and is expected to significantly slow down inflation in 2023. This news gave investors hope and added to the value of Bitcoin, which rose by 0.45% to reach $23,306.
While Powell indicated that the Fed may accelerate its plans to raise interest rates, he also acknowledged that the recent stronger-than-expected nonfarm payroll data in January underscores the need to keep interest rates at a restrictive level for a while.