Why did bitcoin's price go up today? Thank Fed's Jerome Powell

In a choppy session, bitcoin ( BTC-USD ) and other risk assets ended up climbing Wednesday after traders lauded Federal Reserve chief Jerome Powell's remarks about the process of disinflation being underway. The ascent also came as the U.S. central bank raised its policy rate by a quarter point, shifting down from the 50-bp hike in the December gathering and four back-to-back 75-bp increases before that. Still, Powell dismissed the notion that the Fed will cut rates in 2023, as its battle against persistent inflation is incomplete (but progressing), and signaled further rate hikes ahead. Bitcoin ( BTC-USD ) rose 2.3% to $23.71K at 5:45 p.m. ET, approaching a multi-day resistance level of $23.9K. The token has risen markedly since the start of 2023, garnering a 42.4% return. The broader crypto market cap gained 3.4% to $1.08T at the time of writing, according to CoinMarketCap data . And equities, in the midst of earnings season, also experienced a rally at the end of the session on the Fed's disinflation hopes . Take a look at the latest outlooks for crypto .