Bitcoin (BTC) climbs toward $60,000 level after Fed Chair Warsh said inflation risks has come down

Bitcoin BTC$59,642.58 climbed back toward the $60,000 level on Wednesday after Federal Reserve Chair Kevin Warsh said inflation risks had eased while reaffirming the central bank’s commitment to returning inflation to its 2% target.

Warsh declined to provide guidance on the Federal Reserve’s next interest-rate decision, saying policymakers would debate incoming data at their meeting in four weekds, during a panel discussion at the European Central Bank’s annual forum in Sintra, Portugal.

Instead, he emphasized that the Fed remained focused on price stability.

“Inflation risks have come down,” Warsh said. “If there were people in households or the business sector, in the financial markets, who thought that this central bank was going to be comfortable with an inflation objective above 2%, well, I guess they’d be disappointed. We’re going to deliver price stability in the U.S.”

Bitcoin pared earlier losses to trade back around the $60,000 level, an increase of more than 2% over the past 24 hours, according to CoinDesk Data.