Benzinga

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Why Is Bitcoin Surging Beyond $29K Today?

Bitcoin BTC/USD experienced a significant surge on Thursday evening, reaching a price of $29,000. 

What Happened: This surge came shortly after Federal Reserve Chair Jerome Powell acknowledged the persistence of elevated inflation levels and expressed the need for lower economic growth to address the issue.

Powell stated, “Incoming data over recent months show ongoing progress toward both of our dual mandate goals — maximum employment and stable prices.” However, he also emphasized that “inflation still remains too high.”

On the liquidation side, out of the total $25 million in liquidations that occurred in the last 24 hours, over $20 million worth of BTC shorts was liquidated,…

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