USD in slight retreat after Powell says the Fed will consider more than inflation; Bitcoin bounced back after reaching below $30,000

DXY Index is currently trading around 91.873, in slight retreat from its high point above 92. Powell made some comments overnight and said that, inflation will not be the only consideration to raise interest rates. He has confirmed that, tighter monetary policy will not be in place in the near term. The comments provided some sense of security to investors and slightly weakened USD. However, USD still remains at a relatively high level compared with where it was a week ago.

Bitcoin dropped below $30,000 overnight, reaching as low as $28,600 after China expanded its crackdown on mining centers. The early sell-off was sparked by People’s Bank of China urging national banks to deepen their restrictions on cryptocurrency transactions. As of now, mining centers in Xinjiang, Sichuan, and Inner Mongolia have been cracked down. But Bitcoin quickly rallied after reaching the low point, currently trading around $33,725.