Bitcoin to stay on course even with Fed's impending taper - CoinDesk

Cryptocurrency analysts said Bitcoin ((BTC-USD +4.2%)) is not sensitive to the prospect that the Federal Reserve will taper its asset purchases in response to multi-year high headline inflation prints that are well above the Fed's 2% average target, CoinDesk reports. When the Fed became more hawkish on tapering asset purchases in mid-May, with headline inflation at 13-year highs, Bitcoin (BTC-USD) dipped ~40% to $30K in May, which could imply more downside ahead if inflation is persistently higher. Bitcoin (BTC-USD) is holding its ground over $40K support, but still down ~11% M/M and down almost 19% in the past six months. In the meantime, Fed Chair Jerome Powell said the central bank could start tapering as soon as next quarter, ending the program by mid-2022. "Tapering is a matter of when, I think that has already been factored in," said John Ng Pangilinan, managing partner at Singapore-based Signum Capital, according to CoinDesk.