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bitcoin

Bitcoin Surges Past $99,000 Following Dovish Remarks From Atlanta Fed President Bostic

Ash Tiwari
by Ash Tiwari
7 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

After spending more than two weeks trading in the mid-$90,000 range, Bitcoin (BTC) is starting to climb toward the psychologically significant $100,000 mark. The flagship cryptocurrency surged past $99,000 following dovish remarks from Atlanta Federal Reserve Bank (Fed) President Raphael Bostic.

Bostic’s Dovish Remarks Propel Bitcoin Beyond $99,000

Recently, Federal Reserve Chair Jerome Powell’s hawkish comments dampened investor sentiment, effectively signaling that interest rate cuts may not happen for the rest of the year due to persistent inflation and a resilient job market.

Related Reading: Bitcoin Price At Risk Amid Bank Of Japan’s Interest Rate Hike

However, Bostic’s latest remarks contrast with Powell’s stance. The Atlanta Fed president noted that while overall employment remains stable, signs of a slowdown are beginning to emerge.

He pointed out that it has become increasingly difficult for unemployed individuals to find jobs compared to a few months ago, with the probability of securing employment now lower than pre-pandemic levels. Additionally, he highlighted that the average duration of unemployment has extended by approximately three weeks since August 2024.

Bostic also emphasized the decline in the “quits rate” – the percentage of workers who voluntarily leave their jobs each month – which has fallen to levels last seen in 2015, excluding the pandemic years. Given these indicators, he expressed support for easing monetary policy, stating that “the balance of risks to our dual mandate of price stability and maximum employment has shifted.”

He further pointed to rising geopolitical tensions, particularly in light of US President Donald Trump’s proposed trade tariffs. Bostic argued that reducing monetary policy restrictiveness would help prevent excessive deterioration in the labor market.

Finally, he projected that the Fed would implement two rate cuts in 2025. Following his dovish remarks, the U.S. 10-year Treasury yield and the US Dollar Index (DXY) declined, while risk-on assets like BTC gained.

DXY
Source: US Dollar Index (DXY) on TradingView.com

BTC Coming Of Age In 2025?

Despite the shaky start to the year due to global macroeconomic uncertainties, BTC has performed relatively well. The top cryptocurrency held its own despite the stock market turmoil due to the Fed’s cautious stance on rate cuts.

Related Reading: Bitcoin Faces Risk Of Further Decline If It Drops Below Short-Term Holder Cost Basis: Report

As Bitcoin continues to trade around the pivotal $100,000 mark with a total market cap of almost $2 trillion, future price pullbacks are likely to be shallower compared to those witnessed during past market cycles.

Bitcoin’s adoption continues to grow, with an increasing number of US states exploring ways to incorporate it into their treasury reserves. Recently, Kansas, Kentucky, and Utah have taken significant steps toward recognizing BTC as a mainstream digital asset.

This trend aligns with a recent Fidelity Digital Assets report, which suggests that the next wave of crypto adoption will likely be driven by nation-states and government treasuries. At press time, BTC is trading at $99,112, up 2% in the past 24 hours.

bitcoin
BTC trades at $99,112 on the daily chart | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, Charts from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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