After Federal Reserve Chair Jerome Powell mentioned that inflation is decreasing at an economics forum in Washington, D.C., Bitcoin price rises above $23,000, media outlet CBBC reported on February 7.

According to Coin Metrics, Bitcoin increased by 1% to $23,236.80. To $1,667.63, ether increased by 1.3%. After falling below that threshold over the weekend, Bitcoin found it difficult to retain the $23,000 level on Monday.

Following Powell's comment that future economic data could require the central bank to keep raising rates rapidly, cryptocurrency values momentarily declined along with the stock market. Furthermore, the 10-year note yield dropped by 1 basis point, while the 2-year lost 5 basis points, during the speech. The US dollar index fell as well. Yields and the dollar index frequently move the opposite of cryptocurrency.

After rising by over 40% to start the year, bitcoin has encountered a roadblock in the last week as investors braced themselves for further macro-driven volatility in cryptocurrency prices this year.

At the time of writing the article, Bitcoin is traded at $23,330.

Source: CNBC