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Crypto prices are rising across the board today, even as the head of the Federal Reserve made clear he has no plans to step in and rescue the industry if things go wrong. Bitcoin sits near $64,600 today, rising more than 3%. Ethereum has climbed above $1,875 today, gaining more than 5% over the last day and XRP now trades near $1.10 today, up nearly 3% over the past 24 hours too.
The wider crypto market is also higher, with total market value near $2.22 trillion, up more than 2.5 percent. Even so, the Fear and Greed Index still sits at 33, which means the market remains in a state of fear overall.
What Kevin Warsh actually said
Speaking during testimony before Congress, Federal Reserve Chair Kevin Warsh said the central bank has no interest in stepping in to save crypto if it runs into trouble. Warsh said the Fed wants to avoid being in the bailout business with crypto too.
“We’re not bailing out anybody, including crypto,” he said.He added that the Fed wants to be in a position where it isn’t bailing out anyone at all, crypto included.
He also talked about inflation
Warsh also addressed inflation during the same appearance. He said persistent inflation comes down to choices made through monetary policy, not short term price swings or global uncertainty. He said that if the Fed gets its policy right, the high inflation of the past five years will become a thing of the past.
Why this matters
Warsh has a mixed record on crypto. He has criticized some crypto projects in the past, but he has also said Bitcoin doesn’t make him nervous and has personal investments tied to blockchain projects, which he pledged to sell off after becoming Fed Chair. Today’s comments make clear that even with that personal history, he doesn’t see crypto as something the Fed would step in to protect during a crisis.
