Bitcoin (BTC) Chart Moves: Is the Climb the Reason for These Statements by US Treasury Secretary Yellen?

US Treasury Secretary Janet Yellen reiterated on Thursday she is ready to take more action to ensure that Americans’ bank deposits remain safe amid the turmoil in the US banking system.

under $28,000. bitcoin price broke this barrier right after Yellen’s statements and is trading at around $28,400 at the time of this writing.

1-minute candlestick chart showing the recent activity in BTC price.

Yellen, in her speech at the U.S. House Appropriations subcommittee session, said: “As I said before, we used important tools to act quickly to contain the spread of the crisis. And these are tools that we can use again,” he said.

Yellen said, “The strong measures we take ensure that Americans’ deposits are safe. Of course, we are ready to take additional steps if necessary. I am ready for additional deposit processing if necessary,” he added.

In his statement, the US Treasury Secretary also said the following about the dollar:

“Failure of the government to meet its obligations would be disastrous economically and financially and would have a ‘terrible impact’ on financial markets.

A debt default will weaken the dollar’s status as a reserve currency.”

Yellen also commented on inflation:

“Decreased supply pressures will eventually lead to lower inflation. I see less pressure on supply chains and reduced shipping costs.”

*Not investment advice.

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