Bitcoin Shrugs Off Inflation Comments, Rally Continues

Bitcoin briefly dipped to $78,630 after Federal Reserve Chair Kevin Warsh's comments on inflation during his first major speech as head of the U.S. central bank.

Warsh stated he had 'more work to do' to fight inflation, which sent traders pricing in a 50% chance of a September rate hike.

However, Bitcoin quickly recovered to around $79,474, shrugging off the Fed Chair's comments.

The token's price surge last week was triggered by the U.S. Treasury Secretary Scott Bessent's announcement to double the size of its long-dated bond buybacks, sending yields down and the dollar sliding.

The proposed crypto Clarity Act, which aims to establish a framework for distinguishing between digital assets that are securities, commodities or payment stablecoins, also contributed to Bitcoin's momentum.