The rebound occurs after the decision of the Federal Reserve (FED) to keep interest rates unchanged and after its president, Jerome Powellreaffirm that banks can offer services to cryptocurrency customers, provided they correctly administer the associated risks.
“Banks are perfectly trained to serve cryptocurrencies if they understand and can manage the risks. And this is safe and reliable, since several of the banks that we regulate and supervise already do so,” Powell said on Wednesday.
He also stressed that, although the requirements for banks to participate in activities related to cryptocurrencies have been stricter due to the novelty of the sector, Some institutions under the supervision of the Fed They are already interacting with these assets safely.
Powell’s words surprise the crypto ecosystem
In this sense, Powell emphasized that the main function of Fed is not to prevent innovation in the crypto sector, but to ensure that the financial institutions that participate in it do so safely. “We do not oppose innovation in cryptocurrencies, but it is essential that it is proven that the activity is completely safe, since these entities operate under the federal security network, which includes deposit insurance,” said the president of the Central Bank.
The impact of monetary policy on Bitcoin has been evident in recent days. This Wednesday, the Fed decided to keep interest rates within the range of 4.25%-4.50%, in line with which the market anticipated.
This decision marks the first pause in the current monetary flexibility cycle after three consecutive cuts. Initially, the announcement caused Bitcoin to quote down, but the market interpreted that long -term prospects could be more favorable, which led to a recovery in its price.
However, the fact that the FED has indicated that interest rates could be kept high for a longer time generates short -term pressure on risk assets such as cryptocurrencies. Despite this, Bitcoin has managed to rise around 2.5% in Thursday’s session, exceeding $ 105,000 again.
The crypto market has also been affected by other external factors, such as uncertainty about the business plans of the president of the United States, Donald Trump. The possibility that his government imposes new tariffs on the main economies has generated volatility in financial markets, including Bitcoin, which has experienced strong oscillations in recent days.
Source: Ambito
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