Fed Chair Kevin Warsh’s comments on easing inflation risks lifted bitcoin above $60,000 for the first time in over a week.
Bitcoin surged past $60,000, reaching $60,700, after Federal Reserve Chair Kevin Warsh indicated inflation risks had declined. The move marked the first clear upward momentum for the cryptocurrency in weeks, following a period of stagnation in June.
Solana outperformed major tokens, rising about 4% on the day and 16% over the past week, while other large cryptocurrencies showed mixed performance. The rally followed a broader semiconductor selloff in Asian markets, raising speculation about capital rotating back into risk assets like crypto.
Warsh, speaking at the European Central Bank’s forum in Sintra, reaffirmed the Fed’s commitment to bringing inflation down to 2% but declined to signal the central bank’s next move at its upcoming meeting. His remarks provided a boost to markets after weeks of uncertainty over monetary policy direction.