Bitcoin hovers near highest since August in post-Fed crypto jump

A range of investments from stocks to bonds and crypto pushed higher after Fed Chair Powell said the disinflationary process is underway

Chart analysts have highlighted levels around $25,000 (€22,710) as zones where Bitcoin’s rally could fizzle. Photographer: Al Drago/Bloomberg

Bitcoin hovered near the highest since August as investors took Federal Reserve Chair Jerome Powell’s comments about progress on inflation as a sign that a less harsh monetary-policy backdrop lies ahead.

The largest token rose as much as 2.4% before paring some of the gain to trade at $23,880 (€21,693) as of 5:20 a.m. Thursday in London. Smaller tokens also advanced, including a 2.5% climb in Ether. A gauge of the top 100 coins is up 37% in 2023.