Bitcoin Volatility Picks Up as Powell Reiterates Inflationary Pressure Higher Expected

The Bitcoin price has picked up some steam throughout the past few minutes, and the primary reason for this seems to be the fact that Jerome Powell is testifying before Congress.

• The  Chairman of the US Federal Reserve, Jerome Powell, is testifying before congress for the second day today.
• Addressing the House Financial Services Committee in remarks, the Chairman admitted that inflationary pressure is higher than they had previously anticipated.

… inflationary pressures are running higher than expected at the time of our previous FOMC meeting.

• However, he also noted that from a broader perspective, inflation is somewhat moderated compared to the middle of last year but still remains well above their target of 2%.
• It’s also worth noting that he didn’t say something that he hadn’t previously disclosed, which is perhaps why the markets reacted somewhat positively at the time of this writing.
• Bitcoin’s price increased mildly as volatility expectedly picked up.