The price of Bitcoin, which had fallen to $93,000, rebounded to $98,000 after the release of the minutes from the U.S. Federal Open Market Committee (FOMC).
According to CoinMarketCap, a global virtual asset market tracking site, Bitcoin was trading at $98,192 per unit as of 7:40 a.m. on the 21st. This is an increase of 1.75% compared to 24 hours ago and 1.98% compared to a week ago.
The re-entry of Bitcoin prices to $98,000 is the first since the 15th. The price of Bitcoin fell from $98,600 to $93,000 on the 19th.
The decline of Bitcoin is attributed to ongoing concerns about the trade war resulting from U.S. tariff policies, and to the worsening investment sentiment following remarks by Jerome Powell, chair of the Federal Reserve, who noted he would "not rush" into lowering interest rates, which aligns with the "gradual adjustment theory."
However, after the release of the FOMC January meeting minutes, the U.S. stock market's three major indices and Bitcoin rebounded together, as the Federal Reserve indicated a possible slowdown in "quantitative tightening."
Matrixport, a corporation providing virtual asset services, noted via social media that "about $600 million in forced liquidations occurred in the Bitcoin and Ethereum futures markets," while also stating that "the prices are stabilizing without further declines."