bitcoin was trading above $60,700 on Thursday after a quick overnight reversal after Federal Reserve Chairman Kevin Warsh said inflation risks had eased, giving a market that spent most of June declining its first clear boost in weeks.
Speaking at the European Central Bank’s annual forum in Sintra, Portugal, on Wednesday, Warsh said “inflation risks have diminished,” while reaffirming the Federal Reserve’s commitment to returning inflation to 2%.
He declined to say what the central bank will do at its meeting later this month, saying authorities would first weigh incoming data. Bitcoin pared earlier losses and climbed back above $60,000 after the comments, according to a report from CoinDesk.
Solana led the majors. The token is up about 4% on the day to around $78 and is up about 16% over the past week, according to data from CoinDesk, the only large token with a significant weekly gain. Ether traded near $1,630, up about 3% on the day, while XRP held around $1.06. BNB, dogecoin and Tron were weaker during the week.
