The price of Bitcoin, which had fallen to $93,000, rebounded to $98,000 after the release of the minutes from the U.S. Federal Open Market Committee (FOMC).
Bitcoin price, which had fallen to the $93,000 range, rebounded to $98,000 following the release of the U.S. Federal Open Market Committee (FOMC) meeting minutes.
According to CoinMarketCap, a global virtual asset market tracking site, Bitcoin was trading at $98,192 per unit as of 7:40 a.m. on the 21st. This marks an increase of 1.75% over the past 24 hours and 1.98% over the past week.
Bitcoin price had fallen from $98,600 to $93,000 on the 19th amid concerns over the trade war sparked by U.S. tariff policies and worsening investment sentiment after Federal Reserve Chair Jerome Powell stated he would "not rush" to lower interest rates, a move in line with the "gradual adjustment theory."
However, following the release of the FOMC minutes from the January meeting, which indicated a possible slowdown in "quantitative tightening," the major three U.S. stock indices and Bitcoin rebounded in tandem.
"Around $600 million in forced liquidations occurred in the Bitcoin and Ethereum futures markets,” Matrixport, a corporation that provides virtual asset services, stated via social media, adding that "the prices are stabilizing without further declines."
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