Bitcoin traded above $60,700 on Thursday after a quick turnaround overnight after Federal Reserve Chairman Kevin Warsh said inflation risks had receded, giving a market that spent most of June paring its first clear lift in weeks.
Speaking at the European Central Bank’s annual forum in Sintra, Portugal, on Wednesday, Warsh said “inflation risks have receded” while reaffirming the Fed’s commitment to bringing inflation back to 2%.
He declined to signal what the central bank will do at its meeting later this month, saying policymakers would weigh incoming data first. Bitcoin pared earlier losses and pushed back above $60,000 after the remarks, according to CoinDesk reporting.
Solana led the majors. The token rose about 4% on the day to about $78 and is up about 16% over the past week, as of CoinDesk data, the only major token with a meaningful weekly gain. Ether traded near $1,630, up about 3% on the day, while XRP held at around $1.06. BNB, dogecoin and Tron were softer during the week.
