Crypto markets bounced sharply higher and bitcoin targeting $67,000 on Wednesday as U.S. Federal Reserve Chair Jerome Powell hit a dovish tone after the central bank maintained its outlook for three rate cuts this year despite hotter-than-expected inflation figures.
Digital asset prices suffered a steep correction over the past week, with BTC enduring its largest daily loss since the collapse of FTX in November 2022, as market participants turned risk-averse ahead of the Fed's Wednesday decision, fearing that last month's stickier inflation reports could deter the Fed rate cuts.
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