Crypto prices are rising across the board today, despite the head of the Federal Reserve making it clear that he has no plans to step in and bail out companies if things don’t go well. Bitcoin is sitting near $64,600 today, up more than 3%. Ethereum has risen above $ 1,875 today, gaining more than 5% in the last day and XRP is now trading near $ 1.10 today, about 3% in the last 24 hours.
The broader crypto market is also high, with a market value of about $2.22 trillion, up 2.5 percent. Despite this, the Fear and Greed Index is still at 33, which means that the market remains fearful across the board.
What Kevin Warsh actually said
Speaking in testimony before Congress, Federal Reserve Chairman Kevin Warsh said the central bank is not interested in stepping in to save crypto if it is facing problems. Warsh said the Fed also wants to avoid being in the cryptocurrency business.
“We are not bailing out anyone, including crypto,” he said. He added that the Fed wants to be in a place where it is not bailing anyone at all, including crypto.
He also talked about inflation
Warsh also spoke about inflation at the same time. He said persistent inflation is the result of decisions made through monetary policy, not short-term price fluctuations or global uncertainty. He added that if the Fed gets its policy right, the inflation of the past five years will be a thing of the past.
Why is this important?
Warsh has a mixed history on crypto. He has criticized other crypto projects in the past, but he also said that Bitcoin does not make him nervous and that he has money tied to blockchain projects, which he has promised to sell when he becomes Fed Chair. Today’s comments make it clear that despite its reputation, it does not see crypto as something the Fed can step in to protect in times of crisis.
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