Bitcoin price clings to $20K as analyst says Fed ‘buried’ soft landing
The U.S. inflation narrative shifts away from ease-of-control in what could further pressure risk asset performance. Bitcoin (BTC) fluctuated around the key $20,000 mark into Aug. 31 as the outlook on United States Inflation darkened. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD again dipping below last halving cycle’s top overnight, only to regain lost ground to circle $20,300 on the day. The rangebound moves accompanied modest recoveries for U.S. stocks, with the S&P 500 and Nasdaq Composite Index up 0.15% and 0.6% within the first hour’s trading, respectively. Concerns over the Federal Reserve’s plans on tackling inflation after last week’s gloomy speech by Chair Jerome Powell nonetheless lingered. Despite Powell’s earlier rhetoric, Diane Swonk, chief economist at KPMG, told mainstream media that the entire concept of a “soft landing” for the U.S. economy was now shelved. Powell’s speech had in fact “buried the concept of a soft landing,” she explained to ...