Bitcoin zooms above $61,000 as inflation fears soften
Bitcoin rose more than 4% to trade above $61,000, its strongest level in over a week, after Fed Chair Kevin Warsh said inflation risks had eased. A 7.9% drop in South Korea’s Kospi on renewed AI chip worries did little to dent the bid.
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Summary
- Bitcoin climbed back above $61,000 after comments from Federal Reserve Chair Kevin Warsh suggested inflation risks had eased, tempering fears of further hawkish policy.
- The cryptocurrency’s gains contrasted with a sharp sell-off in tech stocks, including a nearly 8 percent drop in South Korea’s Kospi index amid renewed worries about AI chip demand.
- Analysts warn bitcoin’s rebound only modestly distances it from key support levels, with Friday’s U.S. jobs report poised to shape expectations for interest rates and market direction in July.
